Coelacanth Energy Inc. announced that it has completed and tested 4 wells at its Two Rivers East Project including 3 Lower Montney Wells and 1 Basal Montney well on the 5-19 pad. The 3 Lower Montney wells (C5-19, D5-19, E5-19) were drilled with an average horizontal length of 3,140 metres and completed with approximately 2.5 tonnes of sand per horizontal metre. Drilling and completion costs came in slightly under budget at approximately $9.0 million per well.

The wells were placed on test for clean-up for an average of 10 days until the frac water substantially dissipated and a stabilized rate was achieved. The test rates noted below are based on the final 24 hours of each test. The average rate achieved for the 3 Lower Montney wells was 1,338 boe/d per well comprised of 729 bbls/d of 39 API light sweet oil and 3.7 mmcf/d of liquids-rich gas.

The rates per well were similar as outlined in the table below: Well, Oil - bbls/d, Gas - mmcf/d, Total - boe/d, % Light Oil, C5-19, 818, 3.2, 1,345, 61, D5-19, 527, 4.2, 1,222, 43, E5-19, 841, 3.6, 1,448, 58, Average, 729, 3.7, 1,338, 54.