| Light Oil |
 |
Pengrowth’s asset base includes
interests in six of the nine largest
original-oil-in-place reservoirs in the Western Canadian
Sedimentary Basin. These properties produce light, sweet
oil and our efforts have been on using enhanced oil
recovery techniques including water floods, miscible
floods and more recently CO2 flood operations. Major
properties in Pengrowth’s light oil portfolio include
Judy Creek, Weyburn, Swan Hills, Carson Creek and Fenn
Big Valley. Production during 2007 averaged 31,594 boe
per day with a reserve life index of 13.1 years on the
proved plus probable basis.
First Quarter Update
Pengrowth’s asset base includes interests in six of the
nine largest original-oil-in-place reservoirs in the
Western Canadian Sedimentary Basin. |
These properties produce light, sweet oil
and are candidates for enhanced oil recovery (EOR)
techniques. Major light oil properties in our portfolio
include Judy Creek, Weyburn, Swan Hills, Carson Creek
and Fenn Big Valley.
Production from the light oil producing properties in
the first quarter of 2008 increased slightly to 32,539
boe per day including associated natural gas when
compared to fourth quarter 2007 where production
averaged 32,251 boe per day.
Contributing to this result was the increased production
at Swan Hills where five wells from the 2007 drilling
program came on stream late in the fourth quarter of
2007 and the start-up of a successful Nisku oil well at
Fenn Big Valley during the first quarter of 2008.
During the first quarter of 2008, Capital development
spending in our light oil properties totaled
approximately $37.7 million with 92 percent spent on
development including drilling related activities and
the remainder on maintenance and seismic. Pengrowth
participated in drilling 30 wells (13.2 net) during the
first quarter with a 94 percent success rate. |