Stallion: Redbug #1 a Producer

The Stallion Group said that the first well drilled on its Area of Mutual Interest (AMI) in Mississippi was successful.

The CMR-USA-39-14 well (Redbug #1), was drilled to a depth of 3,200 feet and encountered 24 feet of pay. It is now connected to a nearby pipeline and has begun producing natural gas. Production volume will be announced at a future date once the production has stabilized.

The second well in this Phase II is the Dixon #1 well, which reached total depth of 8,650 feet, and reached the Wilcox formation. However, after testing, the well showed no hydrocarbons and therefore it was plugged and abandoned.

A third well, TEC-1 closure (Faust #1), has been drilled and testing is underway.

Stallion has a 30% interest in approximately 200,000 gross acres of land in Mississippi.

The company plans to drill an initial 50 wells within the AMI. Over 7,500 miles of 2D seismic and 250 square miles of 3D seismic have already been shot. Over 100 drill targets have been identified to date and drilling will occur throughout the year.

The drilling program will be conducted by Griffin & Griffin Exploration in its capacity as operator.

The Stallion Group is an independent oil and gas company focused on developing proven energy rich areas of North America.


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