GP Energy also said that Spyglass has finished the acquisition of 23 miles of additional 2D seismic data on the South Cedar Creek Anticline Project. Spyglass, as operator, plans to commence the drilling of four appraisal locations in the next 60 days.
"The success of the State #4-35 and State #3-30 wells has confirmed our ability to find and produce commercial Shannon gas fields with our proprietary seismic method. Additional appraisal wells are planned for drilling early in Q2-07," stated Jack Steinhauser, President & CEO.
As previously reported, the Shannon sand pay zone found in the State #4-35 well is similar to that found in the State #3-30 well, four miles west, and comparable to that found at a field located an additional twelve miles to the west which has had cumulative production of 23 BCF of gas (Cumulative West Short Pine Hills Field production, according to State of South Dakota statistics).
The State #3-30 and State #4-35 are the fourth and fifth obligation wells of five that Spyglass Cedar Creek, LP of San Antonio, Texas has committed to drill in the 63,500 acre South Cedar Creek Anticline Project. Spyglass is the operator of the Project. GP Energy has a 30% interest in the first five obligation wells, and a 47.5% working interest in the balance of any development.
GP Energy also announced that testing of the Kaycee-Federal #15-4 well was not successful and GP Energy has relinquished its interest in the project. The Kaycee-Federal #15-4 well was an exploratory test of the 1,597-acre Kaycee Dome Prospect, which is located three miles west of the town of Kaycee, Wyoming.
GP Energy, a Grosso Group company, is a Canadian-based company engaged in the development of oil and gas projects in North and South America. The Company has experienced technical and management teams which, when combined with the business development and financial acumen of the Grosso Group, provides a high level of expertise and access to an outstanding network of contacts throughout the industry. GP Energy is poised to leverage this expertise and network into early exploration successes.
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