Analysis of 3D seismic and well logs indicate that the objective 'M' Sand lies within 100 feet of the depth reached when mechanical difficulty was encountered. The joint venture has decided that a new well will be drilled in the near future and remains encouraged by significant gas shows that the objective sands will be productive.
In addition, the joint venture has decided to drill a development well to exploit Proven Undeveloped oil reserves on the 1260 acre property some 7,000 feet to the northwest of the Allain Lebreton No. 2 well. This prospect is located on the actual salt-dome that is associated with the structure of the Clovelly Field, which has produced approximately 35 million barrels of oil and 200 billion cubic feet of gas since its discovery in the 1950s.
Mr. Max Maxwell, President & CEO of Texhoma, comments, "While the well had to be abandoned, significant encouragement for further development has been obtained."
The two wells on the Clovelly dome and Clovelly South are expected to be drilled beginning late 2006 or early 2007.
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