Brookside Energy Ltd (ASX:BRK) has news pending regarding its maiden oil and gas reserves in the US state of Oklahoma and has been granted a trading halt by the ASX.
The halt will remain in place until the start of trading on Thursday, December 6, 2018, or when an announcement is released to the market, whichever occurs earlier.
Brookside’s shares last traded at 1.4 cents before the halt.
In October, the company reported a daily production rate of 1,828 barrels of oil equivalent (BOE) (67% oil) from the Bullard 1-18/7H well at the Anadarko Basin plays in Oklahoma.
Brookside has a 20.57% working interest in the well now producing from the Woodford Shale in the South Central Oklahoma Oil Province (SCOOP) play.
The well produced about 73,000 BOE (69% oil) in its first 60-days of production comprised of about 50,000 barrels of oil and 136 million cubic feet of gas.
These results were achieved from a 7,500-foot lateral producing from the Woodford Shale formation at a depth of about 8,050 feet.
This well is adjacent to Brookside’s SWISH area of interest, which is the focus of its current leasing campaign.
The initial production results provide Brookside with confirmation of the productivity of the Woodford Shale in this part of the SCOOP Play and validate its SWISH acreage acquisition strategy targeting the Sycamore and Woodford formations.
Brookside is pursuing an aggressive leasing strategy within the world-class Anadarko Basin plays.
The company, which was established in 2004 and listed on the ASX in October 2005, is focused on the mid-continent region of the US that is highly prospective for oil and gas.
Its goal is to build value per share through a disciplined portfolio approach to the acquisition and development of producing oil and gas assets, and the leasing and development of acreage opportunities.