EnerGulf Resources to Test Longoria 174 #1 Well
EnerGulf Resources says its Longoria 174 #1 well in Duval County, Texas which is operated by Killam Oil Company was drilled to a total depth of 12,825 feet and encountered the objective horizons anticipated being the Yegua and the Hinnant sands. Electric logs run by Halliburton indicate potentially productive oil and gas sands in the Yegua formation with the deeper Hinnant sands being non-productive. A completion rig has arrived on location and operations have commenced to test the Yegua sands.
EnerGulf, through its wholly owned subsidiary EnerGulf Corporation holds a 5% working interest in the Longoria 174 #1 and has paid 5% of the drilling and completion costs.
Commenting for EnerGulf, Jeff Greenblum, Chairman of the Board
stated, "We continue to be optimistic about the outcome of our South
Texas drilling program. The Longoria 174 #1 is currently being
completed with testing to begin immediately thereafter. EnerGulf has
elected to participate with Killam Oil Co. in South Texas in an effort
to establish operational cash flow at a time of historic energy prices
while limiting our capital exposure by participating for a minor
interest in each well. We look forward to the results of the Longoria
174 #1 and to continued exploration in South Texas through our
association with Killam."
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