Northcote Plans 1st Mathis Lease Horizontal Well

Onshore US-focused junior explorer Northcote Energy reported Friday that it plans its first horizontal well targeting the Mississippi Lime formation on its wholly-owned Mathis lease in Oklahoma before the end of the year.

Northcote said the first well location has been estimated as containing proved, undeveloped (P1) reserves of 200,000 barrels of oil along with 1.7 billion cubic feet of natural gas. The firm added that it is in advanced discussions to sell at least a 50-percent working interest in the well as part of its strategy for balancing upside with the management of financial risk.

Northcote Managing Director Randall Connally commented in a company statement:

"This has the potential to be a high-impact well for us and, on a net basis, to significantly contribute to meeting our newly-established 250 barrels of oil equivalent per day production target by mid-2014."

Northcote's Mathis project covers 960 acres next to the company's 51 percent-owned Horizon Project in the producing Mississippi Lime formation in Osage County, Oklahoma.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  OTC 2016: Get To Know Houston Like An ... (Apr 29)
 -  OTC 2016: Want to Drink Like A Local? ... (Apr 29)
 -  Five Things to Do at OTC 2016 (Apr 29)
 -  CNOOC's 1Q 2016 Revenue Falls to $3.8B... (Apr 29)
 -  SHI Receives Shell's Termination Notic... (Apr 29)


Most Popular Articles

From the Career Center
Jobs that may interest you
Temporary-Subsea Engineer
Expertise: Subsea Engineer
Location: United States
 
Subsea Engineer (Offshore Drilling)
Expertise: Subsea Engineer
Location: Houston, TX
 
US Houston: Global Consulting Practice Manager- Drilling & Completions
Expertise: Drilling Consultant|Executive
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $48.1/BBL 0.06%
Light Crude Oil : $44.78/BBL 2.48%
Natural Gas : $2.04/MMBtu 5.99%
Updated in last 24 hours