Anglo Canadian abandons well, shares crash

Fri Nov 25, 2011 11:09am EST
 
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(Reuters) - Anglo Canadian Oil Corp ACG.V said it abandoned one of the two wells it drilled at its property in West Central Alberta, sending its shares down 44 percent.

The first well drilled in the Ante Creek area of West Central Alberta was deemed uneconomic and was suspended after flowback, swabbing and evaluation, the company said.

Calgary, Alberta-based Anglo said the second well at the area was drilled and was yet to be stimulated.

Shares of Anglo, which holds petroleum rights to 172,160 acres of potential Nordegg oil properties in West Central Alberta, were trading at 5.5 Canadian cents on Friday on the Toronto Venture Exchange.

The shares touched a low of 5 Canadian cents earlier in the session.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Esha Dey)