The Company's Buffalo River F-33 gas well has just completed full production tests. Stallion is very pleased to report that this well produced sweet natural gas at a sustained rate in excess of 194,000 cubic feet per day on a 6/64-inch choke. The pipeline is 1.25 miles away and tie in connection activity has commenced.
Having completed this testing, the service / completion rig is currently being moved to the Company's BR F24 well location in preparation to commence full production testing this week. Stallion's Management recognizes that all accruing production data is extremely important to our Shareholders at this early stage of development. Consequently, Stallion will continue reporting all results as soon as they become available.
Drilling and Exploration Program
The first 10 well locations, of the previously announced 16 well drilling program, have been identified. The first three wells to be drilled in this program are: Palmetto Point #1, #2 and #3. The Mississippi River water levels are still high. The Operator indicates that these well locations will not be accessible until early July. Drilling will commence immediately, once the water levels recede sufficiently.
Stallion Group previously announced that it increased its interest in Mississippi and Louisiana AMI lands from 30% to 40%. The Company is very pleased with its drilling successes experienced to date.
The Company has drilled 6 Frio gas wells of which 5 were completed as natural gas wells. Testing of the completed gas wells is ongoing with the most recent testing of the Buffalo River F-33 well confirming daily production in excess of 194,000 cubic feet of gas a day. One well (Redbug #1) is currently producing and the remaining wells are currently being tested and or tied in to existing delivery pipelines.
The company plans to drill an initial 50 wells within the area of mutual interest (AMI). Over 7500 miles of 2D seismic and 250 square miles of 3D seismic have already been shot. Stallion holds between 30% and 40% gross interest in this AMI (area of mutual interest) in Mississippi and Louisiana.
The Stallion Group is an advanced oil and gas exploration and emerging early-stage development company focused on its Mississippi and Louisiana exploration areas in the United States.
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