MAXIM, a Texas corporation headquartered in the Houston, Texas suburb of The Woodlands, first acquired its interest in Sledge Hamar with Orchard in February 2005. Two wells had already been drilled on the parcel (#14-7 and #135-7); and, when testing proved positive, drilling began this April on Wells #3-7 and #47-12. Wells #7-12 and #16-7 were drilled in May and #4-7 in August; and now Well #5-7 has started this month. The wells have been drilled to an average depth of 5,000 feet in three different formations: the Echegoin, the Diatomite and the Olig Potter; and, in every case, encouraging signs of sweet crude oil and gas reserves have been encountered. Slowed initially by the need for water disposal, a hydraulic fracturing program and infrastructure completion, MAXIM and Orchard have completed an on-site water injection system and other basic production facilities, allowing them to start a realistic production program that has already sent over 2,200 barrels of sweet crude to market in June and July despite an incomplete infrastructure.
"We feel extremely fortunate to be drilling in so rich a field," stated a MAXIM spokesman. "We anticipated at the start that the initial 300 wells we planned at Sledge Hamar would ultimately and conservatively produce an average of at least 100 barrels of sweet crude oil and gas equivalent per day. Now, we look to production exceeding 500 barrels per day shortly; and by year-end, when everything is running at full production, hope to exceed our initial projections for the Sledge Hamar field to possibly double that number."
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