Apache drills successful wells in Canada

Apache Corp. said Tuesday it drilled three successful natural gas wells at a site in Canada, sending the oil and natural gas producer's shares to a new trading high.

The wells at the Ootla shale site in Northeast British Columbia produced test flow rates of 8.8 million, 6.1 million and 5.3 million cubic feet of gas per day.

"Although we are still in the early stages of understanding the full scope of this play, these three wells help validate our view that Ootla has the potential to be one of the larger shale gas accumulations in North America," President and Chief Executive Officer G. Steven Farris said in a statement.

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Apache controls about 207,000 acres in the region. Although accessing the gas will require "significant investment," Apache said its stake in the site could yield 9 trillion to 16 trillion cubic feet of gas.

Jefferies & Co. analyst David Adams called the results "encouraging" and said they could provide a boost for Apache shares. He rates the stock "Hold."

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Separately, Apache announced two new discoveries at offshore sites in Australia. One of the areas, known as the Triassic Mungaroo Sandstone, could ultimately yield 2 trillion to 4 trillion cubic feet of gas, Apache said.

Apache shares jumped 89 cents to $129.74 in afternoon trading, after earlier in the day surging to a new high of $131.59.