Las Vegas, NV -- (SBWIRE) -- 10/31/2013 -- Octagon 88 Resources Inc (OTCMKTS:OCTX) announced that the company received rig on October 25, 2013. A contractor provided the rig at site of Elkton well 9-4-92-23W5 that is installed and will be used soon.
Octagon says that the service rig pads the well a present and the well has currently horizontal at 1517 meters from surface. Next, the rig will be used to tube 85-degree point in the horizontal well bore.
This stage will be followed by insertion of tubes to drill fluids and mud to surface. The company considers the process as profitable. The drilling is connected to 8% to 14% recovery rate of oil.
Octagon 88 Resources is oil and gas Exploration Company. The company has light and heavy oil assets in Northern Alberta. The company has entered into a purchase agreement for acquiring Red Earth Area that has P&NG leases. The Company has a 22% interest in CEC North Star Energy Ltd.
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