American Petro-Hunter announced that the SOM-1H horizontal well at the Company's South Oklahoma Project has reached T.D (total depth) after successfully drilling the planned 2,500+ foot lateral arm into the Mississippi Lime reservoir.
The SOM 1-H is the first well drilled on the Company's South Oklahoma Project which encompasses approximately 5,000 gross acres of leases underlain by the thick Mississippi Lime in an area which has enjoyed a well-documented and lengthy period of historic production from vertical Mississippian wells.
The lateral horizontal well component in the Mississippian encountered excellent oil and gas shows that included live crude oil over the shale shaker. The gas shows appeared to be very rich with high concentrations of ethane, propane, and butane. The most recent horizontal Mississippian well completed in the North Oklahoma Project offered 1469 BTU gas. The operator of the South Oklahoma Project has been able to re-negotiate the gas sales contract which should result in a price in excess of $6.50/MCF which is an excellent price in today's gas market. The drilling rig and associated service companies are being released and should be off the location by the end of this week.
Production equipment will be moved in as soon as possible and the completion procedure is being developed at this time. The operator hopes to have the well producing by early June, 2012.
Company President Robert McIntosh stated, "We are very pleased with the results of the SOM-1H well. It is our first drilling venture on this lease block and is a key to overall development plans for the entire project. The success of this well increases the potential for numerous additional wells. The immediate plan will be to evaluate the production for a period of 60 to 90 days prior to drilling the next well. We feel this is a prudent step for the first well in a new location. We have positive early indicators that support an initial estimate that results have met our expectations and which suggest that planning of additional wells will begin immediately."
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