Maverick reported on the well status and preliminary log analysis of the Company's Lankford Trust # 1 Initial Test Well in Fort Bend County, Texas.
The Initial Test Well was spud on Thursday December 9, 2010 and reached its targeted depth of 13,500 feet on Day 44 of the drilling program. Logging of the Upper and Intermediate Zones was accomplished during the drill program while logging of the Deep Zone below the intermediate casing and detailed independent log analysis occurred between January 23 and January 25.
Miocene Gas Zone
The well has a 35-40 foot gas bearing zone within a Miocene-aged rock characterized by a clean, very fine grain sand. This sand is behind the 10 ¾" surface casing. Completion options are under consideration at this time by the Company and may include the drilling of a shallow well dedicated to this zone. Regional analysis confirms the possibility of multiple wells from this zone on the Company's newly filed 460 acre gas unit.
Yegua Oil Zone
The drilling of the intermediate section of the Lankford Trust #1 well has yielded multiple opportunities for possible oil and gas production going forward. Specifically Maverick has determined, after receiving and reviewing the detailed log analysis, that there is an oil productive reservoir in the Yequa section of the intermediate hole. This zone appears to be 7.5 feet of productive sand. The reservoir is described as "Very Good Rock" with positive log characteristics. Review and analysis of regional wells indicates to the Company that the reservoir covers a large enough area that there should be room for additional development wells to be drilled on the unit. This zone is behind the 7 5/8" intermediate casing.
The first priority in the well is to attempt a completion in the newly discovered oil reservoir. The Company expects to move to complete as soon as practicable in the month of February.
Intermediate Zone - Gas
There is an additional Yegua sand behind the 7 5/8" casing in the Lankford Trust #1 deeper than the oil sand. This sand is described as "Good Rock", not depleted, with log analysis that describes it as "probably better than it appears due to the thin bed." The Company intends to shoot and test the zone prior to attempting the completion in the oil reservoir previously noted. Any attempt at production from this gas bearing zone would require new drilling and plans for this zone await zone tests planned for February.
A second gas zone in the intermediate section was encountered high to Zone 1 and is characterized as having "Very good rock". The zone appears to be a "depleted reservoir with some productive hydrocarbon still present." The Company has no immediate plans for Zone 2 however we intend to monitor its presence and productive capability in any further drilling on the unit.
Despite the presence of significant gas shows and pore pressure in the range expected from the drilling plan the Company has accepted the log analysis and engineering opinions that sand and rock conditions at depth represent a significant risk to a successful completion at this time and accordingly the Company has plugged back to the 7 5/8" intermediate casing in the well.
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