American Petro-Hunter, Inc. announced the spud of the SOM-1H horizontal well at the Company's South Oklahoma Project.
The commencement of drilling operations occurred March 31st and is estimated it will take approximately 18 days to reach the planned lateral length of 2,500+ feet. The Company aims to report on overall progress and the presence of oil and gas shows encountered during the drilling period.
The SOM-1H marks the fourth in a series of horizontal oil and gas wells that the Company's has participated in since May of last year and is the first to test for oil and gas in the Mississippi Lime on the new leases known as the South Oklahoma Project. The SOM-1H well will undertake the Company's longest lateral drill effort to-date as part of the engineered plans for the project. We anticipate results similar to, or better than, the NOM3H well which produced I.P. rates of 230 barrels per day and 470 MCF gas.
As reported previously, the "South Oklahoma Project" covers 3,000 acres of leases south of Payne County. The approximately 2,000 foot horizontal arm is designed to exploit thick (100 + foot) sections of the Mississippi Lime in an area which has enjoyed a well-documented and lengthy period of historic production from vertical wells.
The Company anticipates that a commercially successful well will be able to increase overall production revenues by late May or early June this year. The drilling, completion and tie-in to pump and storage infrastructure of these horizontal wells has been taking approximately 60-80 days prior to the commencement of commercial oil and gas sales.
Company President Robert McIntosh stated, "We continue to meet our announced drilling schedule and with the start of the SOM-1H, can begin in earnest to undertake the development of the 3,000 acres of leases acquired last year on the South Oklahoma Project. Results of this well will be critical in the development of future timelines, and when the evaluation period is complete, we will be able to compare our two projects with the aim of accelerating the project with the highest potential for near term success. If the new project meets or exceeds our expectations then additional wells will be proposed immediately."
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