"The good news is that we have 10 zones left to test, and the fact that they are deeper could result in stronger producing zones," said George Shaw, President. "We are currently running logs on the well that will give us more information and aid us as we prepare to go back into the well and drill deeper than we initially planned." Energas geologist, Sherman Formhals, wants ample time to review the logs, but based on the facts available now he recommends we acquire a deeper-drilling rig and continue beyond 7500 feet.
The rig that the company acquired was capable of drilling to 7500 feet, which was enough based on previously gathered data. The drilling engineer strongly recommended that the company cease drilling beyond 7500 feet because of concerns for losing drill pipe and other expensive tools by getting stuck in the hole.
Shaw stated, "This engineer has been with this rig for quite some time now, and he knows what it is capable of. His advice was highly regarded. Although we wanted to go deeper, we realized that to overload this rig would risk too much for our investors and the Company's dollar. While we work on securing a bigger rig and drilling funds, we will continue our development efforts in our Kentucky fields, particularly the Parkway Project and Pulaski County field. The Parkway Project has 18 wells, mostly all in various stages of permitting, and one that is currently producing oil. We intend to continue bringing oil production on-line from these wells and ultimately build a pipeline to get the gas to market."
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