Resources announced that the Silver Oak Operating, Inc. Hill #1 Well, in DeSoto Parish, LA was successfully drilled and completed with 3 horizontal laterals in the James Lime formation. The well is expected to be turned to sales January 2, 2007 at an anticipated rate of approximately 4,000 mcf per day with possible increased production rates later in the month. Petro Resources has a 10% working interest in the prospect.
The Company also announced a discovery offshore with a successful well at Galveston 310L through its partnership with Hall-Houston Exploration. Well logs indicate that at least four Miocene sands should be productive. The well is currently undergoing completion operations. This latest offshore discovery is the fourth successful discovery of the six prospects drilled to date by the Hall-Houston Exploration partnership, in which Petro Resources has a 5.3% interest. The Company is currently participating in the first of several additional wells in East Cameron 359.
Petro Resources has participated in two recently drilled Canyon sand wells in Crockett County, Texas bringing the total to four successful wells in that development program near Ozona, Texas. The Terry Cinco 801 and 903 wells operated by Approach Resources Inc. headquartered in Fort Worth, Texas are currently undergoing completion operations. The Company has a 9.41% working interest in these wells and expects to have both of these wells completed and producing soon.
The Company has also recently begun drilling operations in the initial New Albany Shale wells in Kentucky. The Approach Resources Kyle Dunn #10-1 was spudded on December 15th and anticipates the well to reach total depth shortly to be followed by two additional wells in the pilot drilling program. The entire New Albany Shale prospect covers approximately 72,000 acres in which Petro Resources has a 10% working interest.
The Company has participated with Bayou City Exploration in the drilling of the Walker Louisiana Properties 18-1 well, Calcasieu Parish, Louisiana, for an 8.33% working interest. The well encountered several prospectively productive zones of limited thickness and it was consequently determined best to plug and abandon the well and not to pursue completion operations of those zones.
The Company also announced it continued pursuit of an interest in 15 fields located in the Williston Basin in North Dakota. The properties consist of approximately 15,000 acres and 150 wells, which are currently producing approximately 520 barrels of oil per day net to the seller's interest. The Company is pursuing the acquisition of fifty percent (50%) of the interest currently owned by the seller in the wells and acreage. The Company had previously announced its expectation for the transaction to close, assuming satisfaction of certain conditions, on or before December 31, 2006. The parties have agreed to extend the closing date to January 31, 2007.
Petro Resources Corporation is an independent exploration and production company focused on domestic lease acquisitions, exploration, and oil and gas production.
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