FTG, as operator, has recently signed a contract with Nabors Drilling USA, L.P., a subsidiary of Nabors Industries for Nabors Rig 792 to drill an offset to the F-K #1 well. The Gastar Fridkin-Kaufman, Ltd. #2 well (the F-K #2 well) will be drilled to a projected depth of 20,000 feet to test the same Deep Bossier pay zones encountered in the Gastar F-K #1 well as well as the deeper potential pays described above. The F-K #2 well will be located approximately 2,200 feet from the F-K #1 well. Gastar expects to hold a 73% working interest position in the F-K #2 well.
J. Russell Porter, Gastar's President & CEO, commented on these developments, "Gastar is continuing to aggressively pursue a drilling plan in the East Texas Hilltop area based on our earlier successes and designed to confirm the presence of significant natural gas reserves while enhancing near-term cash flow. The Greer #1 well is projected to encounter and test the zones currently producing in the F-K #1 well along with additional apparent Deep Bossier pay sands below those sands currently producing in the F-K #1 well. These deeper sands were indicated to be productive by log analysis in the F-K #1 well but were not produced due to what is now believed to be incorrect fracture stimulation design.
"The drilling of the Greer #1 well and the expected spudding of the F-K #2 well in early February should provide additional data critical to understanding and maximizing the reserve potential in the area of the Hilltop structure. Gastar hopes to drill at least six additional Deep Bossier wells (including the Greer #1 and F-K #2) in 2005. As a part of this drilling program, Gastar expects to partially test the aerial extent of the Hilltop discovery with wells planned in late 2005. Gastar's management and technical team believe that the three previous wells drilled in the area (the F-K #1, the Cheney #1 and the Lone Oak Ranch #1) represent a significant new deep natural gas discovery that will translate into meaningful value for Gastar's shareholders."
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