While drilling the horizontal section of the well, the Company encountered a number of fractures containing natural gas. Horizontal wells of this type are typically drilled in a controlled fashion allowing the natural gas to be brought to the surface and flared during drilling, a technique that reduces damage to the reservoir from the drilling process.
GulfWest is currently completing the Hassler #1h well and plans to have the well on-line in early January 2005. The drilling rig will move immediately to drill a second well in the area. GulfWest has a 75% working interest in the field and its partners, Summit Investment group, have a 25% working interest.
The re-entry of the Hassler #1h is another example of GulfWest applying various enhancement technologies to develop previously abandoned domestic natural gas and oil reserves. The Company plans to continue these efforts in 2005.
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