This completion is the fourth of up to five wells to be drilled on the Wagnon Lease.
The drilling site is located in the Hartshorne coal zone fairway of the prolific Arkoma Basin, in the middle of one of the largest CBM drilling programs undertaken in the State of Oklahoma. According to the Oklahoma Geological Survey, 865 (40%) of the 2,179 CBM completions in Oklahoma from 1988 to 2002 were located in the Arkoma Basin. An average of 153 horizontal CBM wells completed in Hartshorne coal have provided initial production that averages 0.418 MMCF per day.
The Company also reports that drilling on the "LEX 1" horizontal Coal Bed Methane well on its Coal Creek property in Hughes County, Oklahoma is nearing the 2,400 foot level and has now entered the coal bed seam. Based on this progress, the Company expects the completion of the well within two weeks. The Company has installed a permanent access road and pipeline infrastructure on this site to ensure the immediate tie-in of gas flows to a major pipeline and follow-on drilling.
The Coal Creek Prospect is the second of six leased areas slated for drilling by the Company as part of the development of its Arkoma Basin gas production initiatives.
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