Cambrian Systems announced it is in the process of due diligence on a 31 acre oil and gas lease in Adair County, Kentucky. The property has enough room to drill several new wells and currently has one hole already in the ground and with further work the property has the potential into becoming a producer. Cambrian has been in the process of doing the required due diligence and project evaluations for some time now, in anticipation of the Adair County property acquisition.
Adair County is known for producing high quality oil. Current production for the county comes in at about 32,000 barrels annually with approximately 83% of that oil coming from the "Knox" formation.
Cambrian has been continuing its efforts to determine key areas of interest through evaluating oil and gas assets with development and drilling upside potential. Cambrian determined that the Kentucky area provides low-risk, multi-well oil and gas investments via direct participation programs through a direct ownership position in the wells or joint venture opportunities. The Company will update its shareholders as to its progress.
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