Paleo Resources, Inc. has secured approval from the Alberta Energy Regulator to install and operate production facilities necessary to produce its Joffre Leduc D-3B Pool 103/9-22-39-26 well. The company has installed the equipment necessary to commence curtailed production of the well and actually commenced production this month. The well is naturally flowing at a rate of 45-60 bbls fluid per day, with an 85%-88% oil cut. Paleo plans to install the remainder of the necessary equipment, including permanent flare facilities, before year end, that may allow the well and one or more additional field wells to be produced at a higher rate. With respect to Paleo's Polk County, Texas natural gas properties, Paleo reported that its Ranger A #1 well continues to produce commercially. Paleo's Jones #1 and Stampede A #1 wells are still waiting on a gas pipeline connection to an Energy Transfer pipeline. However, the
gathering lines from the wells to the proposed pipeline connection are over 90% complete.
EF EnergyFunders Ventures, Inc. is an oil and natural gas investment company. The Company operates through three geographical segments: Canada, U.S., and Fintech platform. The Canada segment includes the exploration for, and development and production of, crude oil and natural gas in Alberta, Canada and the acquisition, exploration and development of precious and base metal properties in Ontario, Canada. The U.S. segment includes the exploration for, and the development and production of, crude oil and natural gas in the United States of America. The Fintech platform segment includes the operations of the energy-focused investment listing and investment portfolio management activities.