The Company, through its wholly owned drilling and operating subsidiary and designated operator, Oak Hills Drilling and Operating, LLC has completed the process of moving its Wilson Giant drill rig to the well site location and is standing the rig in preparation for drilling operations. The horizontal Barnett Shale targeted Oliver Unit #1H Well is estimated to drilled to a vertical depth of approximately 7,000 feet with a horizontal length up to 3,000 feet for a total measured depth of 10,000 feet. The well is scheduled to begin after the rig's mud pits undergo minor repair and refit to accommodate the rig's second, recently acquired, triplex mud pump and associated minor upgrades to mud pits, final permitting, and bonding.
The Oliver lease was acquired by the Company with a 100% working interest and a 70% net revenue interest in the 312 acres obtained. The Barnett Shale gas target is estimated by management to be approximately 350-375 feet thick according to offsetting wells drilled by Encana Oil & Gas Inc., and XTO Energy, Inc. Further leases in the area are also under evaluation by management for possible acquisition.
The Company now holds a total of approximately 2,637 net mineral acres of Barnett Shale gas target lease acreage diversified in Tarrant, Parker, Hood, and Jack, counties in the State of Texas.
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