Primary Petroleum Corporation reported on the current eight well drilling program for its Teton Prospect, located in Teton County, Montana, that commenced on January 18, 2008.
Primary has cased all three initial wells as potential Madison oil wells (Second Guess 2-11, Bynum 5-9, and the Bynum North 7-34). These exploratory wells were drilled to depths ranging from 2942ft. to 3400ft. Logs have identified several potential pay zones in each well. Perforating and testing has commenced on the Second Guess 2-11 well. The Company owns 100% interest in these current wells.
"We are optimistic on our drilling results to-date," states Rod Haverslew, VP of Exploration. "The open hole logs from the first three wells of our current drilling program have identified a number of prospective zones within the Madison formation. The Madison reservoir is highly variable in texture and pore system morphology so consequently, there is a wide range of porosity values and the best permeability is likely to be fracture enhanced. Completion of these first wells will be critical in determining what kind of initial production rates we can anticipate."
Primary has spud its fourth well, Highview 16-5 on February 20, 2008. Further details will be provided as results become available. These first four wells will evaluate four of the five Mississippian structures that were identified on 3D seismic, which Primary shot in October, 2007. Each of these structures could have development potential of 30 to 40 wells, as the drill spacing for oil wells in Teton County is 40 acres. These five structures combined are approximately one township in size within our Teton lands.
Primary's Teton lands only carry a 12.5% overriding royalty and cover some 97,400 net acres (152 sections).
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