The Pacific project consists of 537 acres with proven reserves estimated at 10.5 BCF gas and 182,000 barrels of oil net to Powder River. This equates to $39 million discounted net PV 10%. The Company will complete a 15 Frio well program and one Wilcox deep well on this project.
Drilling is slated to commence upon the completion of the Weesatche project. It is expected to take approximately 18 months.
"We anticipate the Pacific project to be a very lucrative addition to Powder River's holdings. The Company has enjoyed a tremendous amount of success in Goliad County thus far, and we are excited by the prospect of continuing that with this new endeavor," stated Powder River Basin Gas Corp. CEO Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
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