The primary objective of this drill program is to extend two recent new field gas discoveries in the Shannon sandstone, which tested at a combined rate of 650 mcfd. The Shannon sand pay zone found in the well is at a depth of approximately 1600 feet and is comparable to that found at a field located 12 miles to the west of the Company's property, which has had cumulative production of 23 billion cubic feet of gas (cumulative West Short Pine Hills field production, according to State of South Dakota statistics).
All five of the wells will target Shannon development locations that have been identified by the Company's proprietary seismic method. One of the wells will be drilled to approximately 4000 feet to also evaluate a possible oil or gas accumulation in the Muddy sandstone. GP Energy has a 47.5% working interest in the US $1.8 million drilling program. Spyglass Cedar Creek, LP of San Antonio, Texas, holds the balance of the interest in the project and is the operator.
GP Energy, a member of the Grosso Group, is 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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