The Company has drilled and logged its Preston No. 2 well to a total depth of 13,328 feet and encountered approximately 520 feet of apparent gas-bearing Travis Peak sands. The Preston No. 2 is the first new well drilled in a multi-well drilling program currently planned for the Cotton South area. The Company is currently completing the well and will release additional information upon commencement of production.
The Company has also recompleted two existing wells in the Cotton South field which were drilled prior to the Company's acquisition of its forty percent working interest. The Crossman No. 3 has been perforated, fracture stimulated and tested in four separate Middle and Lower Travis Peak sand intervals between 11,700 feet and 13,300 feet. The four intervals, or frac stages, have been independently flow tested at natural gas rates ranging between 530 Mcf per day and 1,600 Mcf per day from each of the four stages. Two additional stages are planned for the Upper Travis Peak section. Upon completion of flow tests from the final independent stages, the well will be commingled from all zones and placed on production.
The Crossman No. 4 has perforated, fracture stimulated and tested four (4) separate intervals of the Upper, Lower and Middle Travis Peak sections between 10,642 feet and 12,589 feet. The well has now been commingled from all four (4) intervals and is producing to sales at a rate of approximately 4,700 Mcf per day.
The Company owns a 40% working interest in the wells and approximately 25,000 gross acres in the Cotton South area.
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