Lexington Resources & Newfield Tie-In Oklahoma Gas Well

Lexington Resources has completed the joint participation well with Newfield Exploration Mid-Continent. The Newfield POE 1-29 gas well located in Hughes County, Oklahoma, was drilled to an approximate depth of 8,600 feet and is completed and producing gas from the Woodford formation. The well is tied-in to a gas supply pipeline and sales of gas began on March 21, 2005. Lexington Resources has a 25% working interest in the well, which is located in the Company's Panther Creek leases that were acquired last year. Initial production from the Newfield POE 1-29 is about 500 MCF/Day of gas. Alternative zones for possible commingled production and additional fracs are being assessed.

This completion is Lexington's first well to be carried out by way of elected participation with Newfield Exploration Mid-Continent, Inc. As a result of this successful well completion and Lexington's strategic lease hold positions, the Company expects further joint well drilling opportunities with Newfield to follow.

The Panther Creek Prospect is the third of six leased areas slated for drilling by the Company as part of the development of its Arkoma Basin gas production initiatives.


Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours