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TriOil to spend $40M to drill for light oil at Lochend and Kaybob in Alberta,

By The Canadian Press  | January 29, 2012
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CALGARY - Junior energy producer TriOil Resources Ltd. (TSXV:TOL) plans to spend $40 million in the first half of this year to drill 14 wells exploring for light oil in the Lochend and Kaybob areas of Alberta.

The company said late Sunday it plans seven Cardium horizontal wells at Lochend and seven horizontal wells at Kaybob before the spring ice breakup.

The two light oil producing zones — in the emerging Cardium and Dunvegan trends of Alberta — are key to the company's planned production growth this year and beyond.

TriOil said its first well, in which it holds a 55 per cent working interest, has been drilled, completed and tested at an average rate of 668 oil equivalent daily barrels/

The second well, at 25 per cent working interest, is drilled and awaiting completion in early February, while a third well will be drilled early next month.

"Our 2012 program is off to a great start and we are very excited about the company's growth prospects at Lochend and Kaybob," TriOil said in a release.

Late last year, TriOil reported net profits in the third quarter of $120,835, reversing a year-earlier loss.

The Calgary-based company's profits amounted to nil per share, compared to a loss of $2.1 million, or nine cents per share, a year earlier.

Revenues rose to $5.9 million from $5.7 million.

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