Gulfmark Energy announced its wholly owned subsidiary, Gulfmark Resources, Inc., has filed for drilling permits with the Texas Railroad Commission and intends to drill its initial test well on its 4,261 acre Kiefer Lease in Zavala County, Texas, upon permit approval. The Kiefer lease is situated in the northwestern portion of the oil window of the Eagleford Shale trend of South Texas. Gulfmark intends to drill vertically through the Escondido, Olmos, San Miguel, Austin Chalk and Eagleford Shale formations and will evaluate results by open hole logs and core samples. The Company's primary objective is to penetrate the Eagleford Shale and plans to drill horizontally approximately 3,000 to 4,000 feet upon reaching this prolific shale play.
Michael Ward, President and CEO, stated, "With recent discoveries within the Eagleford Shale formation, we are very excited to begin our development drilling program and increase our shareholder value. With success through the drill bit, we hope to expand our horizons and fully exploit the resources that lie within our leasehold."
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