"We are excited to commence drilling on this property," said Paul Branagan, Petrol's Chairman and CEO. "As we have already successfully drilled and tested 12 wells on the property for CBM and other natural gas reserves, we have been planning the development of Coal Creek for the past several months while we finalized our recent $50 million financing package. With the first $10 million funded in early November, Petrol filed 30 drilling intents, 28 for gas production and 2 for SWD purposes. We divided our large 82,000 acre Coal Creek Project into three separate operational areas to take advantage of efficiently connecting and transporting produced natural gas into the interstate pipelines that cross our leases.
Petrol's first Coal Creek production wells are currently being drilled in the Burlington area along with one of the SWD wells. The other SWD well was just drilled in the Waverly area, roughly 8 miles to the northeast of the Burlington area. Petrol intends to provide operational updates for the Coal Creek project as it rapidly moves forward with the drilling and infrastructure program.
Petrol's existing 12 CBM wells will be incorporated with 10 new production wells to form the basis for Phase I development of the Burlington area. Phase I development of the Waverly area will start with 18 new production wells.
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