Fidelis and Miramar anticipate the drilling and well completion to take approximately two weeks.
Fidelis has signed a Lease Purchase and Development Agreement and Joint Operating Agreement with Miramar to acquire a 50% working interest in the Hidalgo Prospect located in Hidalgo County Texas.
The main objectives of the 312 acre Hidalgo Project are the Bell and Cord sands that have a combined potential reserves of 16.1 Bcf gas. The Bell sand in the Miramar Petroleum, Inc. #2 Theser Gas Unit well has produced 20 Bcf gas at an average recovery of 2.96 Mmcf/day from seven wells. In addition, the Cord sand in the same well has a cumulative production over 62.9 Bcf from eight wells with an average recovery of 7.87 Mmcf/day.
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