"This success confirms our investment in the Williston Basin and our efforts toward diversification of our asset base," stated David H. Welch, president and chief executive officer.
Stone's second well, the Charles Nevin 1-12H, is currently drilling at 10,355 feet with the first of two Bakken laterals to be commenced in June. Stone expects to drill approximately 22 gross wells in the Williston Basin during 2005 with the utilization of two additional rigs by August 2005 as it continues to explore its Williston Basin acreage position that currently totals approximately 155,000 net acres.
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