CALGARY, AB / ACCESSWIRE / November 26, 2018 / Point Loma Resources Ltd. (TSX-V: PLX) (the “ Corporation” or “ Point Loma” ) is pleased to announce the spudding of the Corporation’s recently captured Rex oil opportunity. Additional highlights from recently released third quarter results are also noted below and full results are available on SEDAR. Highlights Rex oil horizontal was spudded November 24. Once drilled, the well is expected to be completed and evaluated prior to year-end. Point Loma as operator and Salt Bush Energy as its joint venture partner are together initiating this drilling operation. This target has the potential to significantly increase current oil and ngl production, enhance the Corporation’s growing reserves base and open up new oil development opportunities for Point Loma. Average daily production has increased to 977 boe/d for the third quarter of 2018, representing a 61% increase compared to the three months ended September 30, 2017. Third quarter oil and NGL production has increased 72% compared to the three months ended September 30, 2017, and 33% from the second quarter of 2018, to 272 bbl/d. Net operating expenses per boe have been reduced by 36% from the second quarter of 2018, and […]
