CaiTerra International Energy Corporation announced an update on its planned three well program on its property in the Faust area of north central Alberta. The company drilled its first well vertically through the Bluesky formation to test the presence of the Bluesky sand oil zone and logged the well to determine reservoir characteristics. The Bluesky zone has been identified as an economic oil producing zone in the Mooney oil field located to the east of the Faust Property.

The well was then drilled horizontally. The first well was drilled at 5-28-72-10-W5M, with a bottom-hole target of 5-29-72-10-W5M and reached a total depth of 1,986 metres. Completion of the well has commenced.

The company is currently drilling a second well, located at 5-29-71-10-W5M, and has reached a depth of 1,055 metres. This well was also drilled vertically through the Bluesky formation and proved the presence of the Bluesky sand oil zone. Procedures have now begun to prepare the second well for horizontal drilling.

The third well is planned for 1-33-72-10-W5M however timing will be dependent on weather conditions and accessibility prior to spring breakup.