Mogul announced an offsetting discovery at the La Ward NE Field area in Jackson County, Texas. Mogul successfully completed the drilling of the Stafford Well #1 on March 6th and has been running tests over the weekend. The well, located just approximately 10 miles south of Ganado, was drilled to a total depth of 7,400 feet.
Initial open-hole logging indicates multiple productive zones from the Frio formation with both oil and gas shows. The deepest prospective oil zone shows a structural sand 10 feet higher to an offsetting productive well with a sand thickness of 5 ½ feet with a 33% porosity and 20% water saturation. The cumulative thickness of these productive sands was greater than originally expected. Additional tests and analysis of the several other productive zones will continue while the casing is installed, cemented and surface equipment are put into place. Mogul will evaluate the results of this well for potential offsetting locations in the near future.
Chairman of the Board Naeem Tyab said, "I am very pleased with the results of the initial well in our South Texas drilling program. A great deal of gratitude goes to our engineering team, our geologists, the drillers and everyone involved in this effort."
President and CEO Tim Turner said, "Our discovery near the La Ward NE Field is an important development for our Company. Current plans consist of completing the well for both oil and gas production with connections to nearby infrastructure, and we anticipate the first production from this well in a matter of weeks. We look forward to continuing this success with our other South Texas prospects currently being developed."
Mogul operates the Stafford well discovery with a 15.00 percent working interest. Other interest owners in the discovery are Fossil Oil Company, LLC with 33.33 percent, C. H. Squyres Family, LLC with 33.33 percent, Aura Oil Holdings Ltd. with 8.33 percent, Global Oil & Gas Resources, Inc. with 5.00 percent, Dolomiti Partners, LLC with 2.5 percent and Indian Lane Assoc., LLC with 2.50 percent.
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