The new well, the Willis Short #1, is located in the northwestern portion of Clay County, in upper middle Tennessee, near the Hermitage Springs community.
"This new field discovery well is several miles from any current oil production and the first discovery in Clay County in more than two decades," said Lynn Wagoner, CEO, Signature Oil Corporation.
The well is producing from an interval of 700 feet to 730 feet, which is the middle portion of the Nashville Group, an Ordovician age formation.
"We believe this zone is the equivalent of the prolific Granville oil zone that has produced large amounts of oil in nearby Clinton and Cumberland counties, Kentucky, which joins Clay County, Tennessee to the north," Wagoner said.
"We have long felt that this pay zone didn't stop at the Kentucky- Tennessee state line and we have finally proven it.
"This discovery will open up not only a new area for exploration but will also give us a new target zone. We plan to develop this new oilfield with an aggressive drilling program," Wagoner noted.
Signature owns several hundred acres of leases surrounding this new discovery, and plans to maintain an ongoing leasing program to increase that lease position.
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