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.”

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