September 7, 2011 / 2:43 PM / 6 years ago

Second Wave Petroleum drill results lift shares

1 Min Read

Sept 7 (Reuters) - Second Wave Petroleum Inc said its Beaverhill Lake oil wells in Alberta flowed at rates of up to 2,000 barrels of oil equivalent per day, sending its shares up 11 percent.

While five wells flowed at an average rate of about 1,495 boe/d, one well flowed at only 50 boe/d.

The Western Canada-focussed oil and gas company is now drilling the seventh well and has a joint venture agreement with Crescent Point Energy Corp on six of them.

Under the terms of the agreement, Second Wave paid 15 percent of the drilling and completion costs to retain a 40 percent working interest in each well and its associated land block of 3,840 acres.

Shares of the company, which rose as much as C$2.92, were trading up 7 percent at C$2.83 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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