Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) said well recompletion opportunities on the Cole Creek assets in Wyoming might have been underestimated when they were acquired.
Information about Cole Creek's Frontier 1 assets was in hard files in storage when acquired and was not reviewed, it said.
“We will begin recompletion and testing in December,” added Arthur Millholland, chief executive.
COPL added it has also been approached by a large oil group over a possible joint venture at the deep oil discovery that might stretch under the assets in Wyoming.
Elsewhere, production from Barron Flat Shannon Unit was not yet stable and will increase incrementally, it said.
“The wells have been restricted for some time; thus, the produced oil is extremely volatile requiring the most prudent of oilfield practice," Millholland added.