Wedona Energy Inc. has announced that its second well in the Midale area has produced 96 barrels of oil per day, on average, and 35 barrels of water since it began producing on June 7.

Wedona participated in the well for 28.8 per cent of the drilling and completion costs, with Petrobank Energy and Resources Ltd. of Calgary, to earn an 18.7 per cent working interest in the spacing unit and proceeds from the well. Wedona's net share of the drilling and completion costs was about $182,000.

The company also announced it has negotiated a farmin on lands held by Sito Geoconsulting Ltd., Sintoba Oil Company, 621186 Saskatchewan Ltd., and Wotan Energy Corporation, otherwise known as the Elkhorn Partners, in the Elkhorn area of Manitoba. Wedona has agreed to pay 100 per cent of the cost to drill, case, complete and equip a 720 metre vertical exploration well.

Wedona president and chief executive officer John A. Styles told the annual meeting of the company's shareholders on June 24 that its net operating income from the first Midale well was $98,000 for the three-month period February-April 2003. During this period, the average operating netback was $28.52 per barrel, and the average operating cost was $3.65 per barrel.

Wedona Energy is based in Emerald Park, Sask.