The Mitchell #1-H horizontal well, wherein the company owns a 100% working interest, is the first of five wells Terax plans to drill, under the recently executed drilling contract, on its 11,300-acre block in Erath County. Terax has the option to extend the drilling contract to additional wells, as noted in the company's Oct. 5 press release.
"We believe Terax's acreage blocks in the Barnett Shale are in geologically prime locations," said Bill Rhea, chief executive officer of Terax. "We have capitalized on our technical expertise, valuable acquisitions and industry relationships to swiftly secure rig contracts and kick off drilling activity during our first six months of business."
Terax expects to drill the Mitchell #1-H horizontal well to a total measured depth of about 7,000 feet, including a horizontal leg of up to 3,000 feet. After the Mitchell #1-H horizontal well is drilled, Terax plans to move the rig to a second drill site, also in Erath County.
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