The Company said that the Spyglass Hett #16-24, Gilbert #10-9 and Gilbert #5-26 wells, the first three wells of a five-well drilling program targeting the Shannon formation in Harding County, South Dakota, have all found Shannon gas pay. The wells have been cased and are presently awaiting completion. Meanwhile, drilling operations have commenced on the Spyglass Peterson #6-5 well and will soon commence on the Gilbert State #3-16 well. 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.
"The Hett #16-24 well is an offset to the State #3-30 well drilled last year, which was our first new-field discovery in the Shannon," said Jack S. Steinhauser, President of GP Energy. "The Gilbert #5-26 well is an offset to the State #4-35 well drilled earlier this year, which was our second new-field discovery in the Shannon. The Gilbert #10-9 well was drilled on a separate Shannon prospect and is our third new-field discovery in the Shannon on the South Cedar Creek Anticline Project."
Gold Point also reported that 3D seismic interpretation work is nearing completion on two projects in Argentina, and plans are being made for two wells to be drilled in the South American country during the third quarter of this year.
In the Capricorn Project in the NW Basin of Argentina, the project operator, APCO, is nearing completion of the interpretation of 60 km2 of 3D seismic acquired in 2006. Simultaneously, GP Energy has reprocessed and is nearing completion of the interpretation of 274 km2 of 3D seismic on the General Roca and Blanco de los Olivos Blocks in Neuquen Province. This seismic interpretation is part of the work program the Company has in its joint venture farm-in with Petrolera del Comahue. Efforts to secure rigs for drilling in Q3-07 have commenced for both projects.
GP Energy, a member of the Grosso Group, is engaged in the development of oil and gas projects in North and South America.
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