Dune will move the rig from the Foster-McPeek #1 to its Pitts #2 location, and will spud that well prior to month end. After completion of the Pitts #2, the rig will then move to a location to be determined.
In a related development, Dune expects delivery of its Itera #1 Rig by mid-September, for an initial term of two years. The Itera #1 will be dedicated exclusively for use by Dune, and will be capable of drilling both horizontal and vertical wells. Concurrent with the arrival of the Itera #1 Rig, Dune will accelerate the development of its Denton Country Club lease.
During the second week of September, Dune also expects to tie the UNT #1 well into a pipeline. The UNT #1 had been fracture stimulated and was shut-in until now, awaiting the construction of the pipeline. In addition, Dune is scheduling fracture stimulations for each of its Guyer #1 and Guyer #2 wells. The exact dates are dependent upon equipment availability and the completion of the construction of a pipeline, which is presently anticipated to be completed in October.
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