Range announced that in the two months since completing its Trinidad acquisition, the Company has successfully drilled its first development well on the Morne Diablo Block.
As part of the initial 21 well drilling program, the MD 247 well was drilled to a total depth of approximately 900 ft using the Company's own drilling rig and personnel. Despite the shallow depth, open hole logs indicate the presence of roughly 145 ft. of net oil pay in the shallow Forest Formation, an established producing horizon on the block. Casing is currently being run in the well in preparation for production testing next week.
Added Peter Landau, Range's Executive Director, "The successful drilling of the MD 247 well indicates that Range's aggressive program to increase production and cash flow in Trinidad is on track and the first pay zone size has exceeded expectations. As previously announced, we will be adding a second and third rig to the remaining 20 well 2011 drilling program in order to begin exploitation of deeper producing reservoirs. The MD 247 well is only the beginning for us in Trinidad, but represents an important milestone for Range as our first internationally operated well, drilled and completed by the Company's own operations team using our own equipment."
The Company looks forward to keeping our shareholders updated as our drilling program continues in Trinidad, Georgia, Texas, and Puntland, in what will be an exciting period for Range with wells being drilled on all four the Company's assets in the coming months.
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