We continue to work on the completion of the Johnston #2 well, the first well we drilled in the Rodessa formation in the Madisonville Field. A mechanical problem caused by one of our service providers during the completion of the Johnston #2 has resulted in a delay in the final completion and fracing of that well. We expect the repair and completion of the well, and the commencement of production, by the end of the third quarter. We will monitor production results from these first two wells, and determine by yearend our strategy on the drilling of the third well planned in the field.
We have an approximate 78% working interest ownership in the Madisonville-Rodessa project and an approximate 58% net revenue interest. The gas stream from the Rodessa is sour gas that includes approximately 30% interest.
Allan Keel, President and CEO of the Company, commented, "We are pleased that we have finally commenced production from the Madisonville-Rodessa. We have had numerous frustrating operational, regulatory and supply hurdles to overcome in getting to this point, timing on much of which was beyond our control; so this commencement of production is a satisfying accomplishment."
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