The Gravis Oil Corporation (GRAVF.OB) recently announced that it had begun steaming a new well pattern in western Missouri.
Gravis Oil, which used to be MegaWest Energy Corp., said that it began the steaming operation in May on the well pattern that was drilled in April. It is part of the Grassy Creek heavy oil project in Vernon County, which is 320 acres in size.
While the company declined to give figures it said that it has seen encouraging signs in the early-stage production response since it began steaming the pattern. Gravis Oil said that it also measured a high uptick in the temperature of the reservoir.
According to the Calgary-based company, the new well pattern is comprised of six production wells, two observation wells and one injection well.
Gravis Oil said that it would likely have the complete assessment of the results of the recently established well pattern by the end of August of this year.
In addition, the company said that over the last half-year it has installed surface and subterranean equipment that they hope will decrease downtime as well as bring down lifting costs.
According to CNN Money, in 2011 Gravis stock peaked around April at close to 90 cents per share and hit its low around June at 10 cents per share.