The drilling rig will be moved to the Larsh No. 16-11 location, the initial well on the Company's North Wrangler Prospect, located three miles west of the Kodiak State No. 6-16 well. The Larsh No. 16-11 (25% WI; operated by Kodiak) will be drilled to a proposed total depth of 7,700 feet and test oil potential in the Mission Canyon Formation. Subsequent to the drilling of the Larsh No. 16-11, the rig will be moved back to the Lowell prospect to drill another development well.
Kodiak also reached total depth of 6,202 feet on its Chicken Spring's well, PRFED 14100 4-29 (50% Working Interest; non-operator), in Sweetwater County, WY. Logging procedures have been completed and production casing has been set. The well was drilled to test natural gas potential in the Almond sands and coals and is an offset to the Company's PRFED 14100 SW29 producing well. Current production from the Unit is 100-200 Mcf of gas per day, surface constrained.
The drilling rig will be moved one mile south to the PRFED 14100 4-32 (50% Working Interest; non-operator) and drilled to a proposed depth 6,103 feet and test natural gas potential in the Almond sands and coals. Subsequent to the drilling of the PRFED 14100 4-32, the Company will participate in the PRFed 14100 2-31 (50% Working Interest; non-operator), utilizing horizontal drilling technology to evaluate the potential of the thick Almond coal. The drilling program projects two laterals out of one well bore extending 3,500 feet each.
In other news, the Company also announced the grant of 900,000 incentive stock options to certain directors, officers, employees and consultants. The options were granted under the Company's Incentive Stock Option Plan and are exercisable at the price of $1.20 per share for a period of five years from the date of the grant.
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