The Rexford No. 1-30, located in Gray County, was drilled to an approximate depth of 2,800 feet. Arena management anticipates that the well will be completed and readied for production over the next 60 to 90 days.
The Rexford No. 1-30, along with the Koehn No. 1, were drilled under a farmout agreement in which Arena has a 75 percent net working interest in both wells after recovery of its costs. The company is finalizing its leasing efforts in the immediate area, which should approximate 1,200 acres. Management is encouraged by the success of the two wells and is currently evaluating the lease for additional drilling sites.
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