NiMin Energy Corp. (NEYYF) Completes Drilling Operations in California

Jun. 06, 2011 2:44 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Contributor Since 2008

QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with companies that have huge potential to succeed in the short and long-term future. QualityStocks provides investor relations services to publicly traded companies in exchange for compensation. The content we provide via Seeking Alpha may be part of our efforts to widen a client’s exposure. To read our full disclaimer, visit http://disclaimer.qualitystocks.net.

Located in California, NiMin Energy is an independent oil and gas exploitation and production company with principal operations across the United States. The company took a major step towards prominence with the announcement they have successfully drilled and cased two vertical development wells at its Pleito Creek field in California, the 23-25 and 24-35 wells.

Both of these fields have targeted the Santa Margarita oil reservoir. The Santa Margarita is the primary oil reservoir in the Plato Creek field, with production resulting from both conventional drilling and the application of NiMin’s proprietary Combined Miscible Drive (“CMD”) technology for increasing recovery of heavy oil.

In addition to the Santa Margarita reservoir, the 24-35 well encountered 80 feet of potential pay in the Chanac formation above the Santa Margarita oil reservoir based on mud log oil shows, log analysis and offset product.

Leading the way at NiMin Energy is Clancy Cottman whom serves as the company’s Chairman and CEO. Commenting on this breaking news, Cottman was quoted as saying, “Historically, the Chanac reservoir has been a secondary objective but we are very excited about its newfound potential given our recent drilling efforts. The two Pleito Creek wells were drilled and cased ahead of schedule and below budget, and the logged results significantly exceeded our expectations. We look forward to completing both wells in the near-term, and expect them to be in production during the third quarter.”

Currently, NiMin Energy is trading in the $1.70 range. To learn more about this story or the company as a whole, visit their corporate website at niminenergy.com

Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net
 

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.