Point Loma Resources Ltd (CVE:PLX) (OTCMKTS:FMTNF) said Wednesday that the Wizard Lake Rex horizontal oil well in Alberta has been drilled and completed with 28 fracking stages pumped.
The Calgary-based oil and gas exploration company said in a press release that the well is now in a test period to recover completion fluids used during the fracking and to establish stabilized oil deliverability. This operation is anticipated to take a minimum of three to four weeks.
An average of 27 tons of sand per stage was delivered in the completion, according to Point Loma.
The company added that it has received approval to list on the TSX Venture Exchange the 5.95 million warrants issued in a fundraising that closed on October 25. The warrants are expected to begin trading under the symbol PLX.WT on Thursday.
In addition, Point Loma reached an agreement with Akula Resource Consultants Ltd and Darren Steffes to settle a litigation claim by issuing 109,649 common shares at C$0.228 for a total value of C$25,000.
The settlement shares are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities rules.
Shares of Point Loma fetched C$0.21 in recent Canadian trading.
In November, the company reported that third-quarter petroleum and natural gas revenue increased 84% as average daily production advanced.
Contact Dennis Fitzgerald at [email protected]