The Mitchell #2-H horizontal well, spudded on Nov. 17, 2005, is located on the company's approximately 11,300-acre block in Erath County, Texas, in the Barnett Shale Formation. At this time, Terax is setting production casing on the well.
Upon receipt of Schlumberger Logging Services' interpretation of the FMI log, Terax engineers, along with BJ Service Co., will design the most appropriate completion procedure for the reservoir. Terax plans to fracture stimulate and complete the Mitchell #1-H horizontal well beginning in early February and the Mitchell #2-H horizontal well directly thereafter.
"Reaching total measured depth on our second well is another milestone for Terax and advances our drilling operations in the Barnett Shale Formation," said Lawrence Finn, Terax chief financial officer and interim chief executive officer. "We are pleased with the timely progression of our first two wells and expect to aggressively move forward with developing and exploiting our Barnett Shale holdings in early 2006."
Terax plans to move the rig to a third drill site in Erath County and commence drilling of the Mitchell #3-H horizontal well in the last week of December 2005. The Mitchell #3-H horizontal well is approximately three miles from the Mitchell #2-H horizontal well.
Terax has the option to extend its drilling contract with Unit Texas Drilling LLC beyond five wells, as noted in the company's Oct. 5, 2005, press release. Terax expects to drill two wells per month beginning in February 2006 to continue to delineate and infill its 27,500-acre leasehold position in Erath and Comanche counties, Texas, as well as some acres in Hamilton County, Texas.
Terax plans to lay its own gathering system and lines to tie into a regional pipeline owned by a major energy company. Terax plans to begin construction of its gathering system this month with tie-in anticipated in early February 2006.
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