"We know the Barnett Shale formation is there. The question is what is the best way to approach its development? The purpose of this study is to develop a clearer picture of the formation in order to attempt to use the specific characteristics of the formation underlying these tracts to our advantage. There are naturally occurring fractures in the formation and we want use the data of this 3-D seismic shoot in both our lateral direction of drilling, and the design of the hydraulic "slick water" fracture used to complete the wells." said Charles Bitters, President of American Energy Production Inc.
"We are cautiously optimistic at the prospect of a substantial increase in the production of both oil and gas in these horizontal wells, over the production rates of the vertical wells we currently have in the immediate vicinity. Drilling horizontal wells in the Barnett Shale has evolved from picking any location to adding a great deal of science and new technology such as the 3-D seismic. With the cost of drilling, completing and equipping a Barnett Shale well today there is very little room for mistakes," stated Mr. Bitters.
Joe Christopher, President of Oil America Group said, "We are thrilled that a spot opened up for us to be able to do this 3-D seismic shoot now because we hope to be drilling on the first well of our program in the next several weeks."
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