The Company has drilled its Charles Taylor No. 1 well to a total depth of 10,205 feet and logged approximately 100 feet of net pay in the Cotton Valley formation, as well as additional apparent pay in the Hosston formation. This discovery is the Company's initial Cotton Valley well drilled on the Company's 18,000 acre block at Bethany-Longstreet.
The Charles Taylor No. 1 well is also the Company's first well in its new drilling initiative in the Cotton Valley Trend of East Texas and North Louisiana, which is characterized by relatively low-risk drilling opportunities for predominately gas-bearing, low-porosity sandstones. In addition to the 18,000 gross acres at Bethany-Longstreet, the Company owns an average 80% working interest in an additional 15,000 gross acres in East Texas within the Cotton Valley Trend.
The Company, which owns a 70% working interest and is the operator of the well, has set production casing to total depth and anticipates commencing production from the well in the second quarter.
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