Pegasi Energy Resources Corp., an East Texas based oil and gas exploration and production company headquartered in Tyler, Texas, announced the spudding of The Huntington #4 well in Marion County, Texas.
At 4 p.m. Oct. 6 drilling had reached a depth of 1,714 feet.
The Huntington #4 well is the first in a planned program of ten wells to develop the Travis Peak and Cotton Valley gas/condensate and oil bearing formations at depths of up to 9,200 feet. Both vertical and horizontal wells are planned in the program to develop oil and gas resources on Pegasi's acreage in Marion County.
Pacific World Energy (PWE) is financing the drilling program. Under the terms of PWE's existing participation agreement with the Company, PWE pays the full cost of drilling and completing the wells in the drilling program to earn a working interest in each well.
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