Pantheon Resources: VOBM#1 Spuds, 2 Well Drilling Program Starts

Pantheon Resources announced Tuesday the spud of the Vision Operating Co Blackstone Minerals #1 (VOBM#1) well, onshore East Texas, and the commencement of a two well drilling program.

The VOBM#1 well will target the Eagleford/Woodbine sandstone at a depth of approximately 15,000 feet. Pantheon has a 50 percent working interest in the well, which is estimated to take approximately 45 to 50 days to drill. Results from the well will be announced when drilling operations are complete.

When drilling operations at VOBM#1 are complete, the rig used to drill this well will be moved to the Tyler County acreage, onshore East Texas, to commence drilling operations of the second well in the program.

Jay Cheatham, CEO of Pantheon, commented in a company statement:

“Today’s announcement is an important milestone in Pantheon’s history and follows many years’ work in studying, identifying and leasing these high impact drilling prospects which, if successful, have the potential to be transformational for our company. We are targeting a 50 percent share of potential P50 prospective recoverable resource of 301 million barrels of oil equivalent. If successful these wells have the potential to be profitable at below $30 per barrel given the abundant infrastructure present in the area and the anticipated exceptional reservoir qualities.”



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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Store keeper / Warehouse - Zanesville Ohio - 6200
Expertise: Storeman|Supply Chain Management|Warehouse Person
Location: Zanesville, OH
 
Roustabout Thereafter Job
Expertise: Roustabout
Location: Silverthorne, CO
 
Tool Tech
Expertise: Maintenance Technician|Mechanic|Rig Mechanic
Location: New Iberia, LA
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours