This project is similar to the Weesatche project, on which the drilling of the 16 well program has been completed.
Production on the 25 gas wells is estimated to continue long term at a rate of 250 mcf per well per day. The Company has acquired 3-D seismic on the project which produced a 100% success rate on the Weesatche project. Drilling sites are currently being mapped out and permitted for drilling. Completion of the entire project is estimated to take approximately two years, based on average working conditions.
Site preparation and initial infrastructure on the Biamante project is scheduled to begin in early August 2007, with the first well scheduled for drilling approximately four weeks later.
"This is an exciting program for Powder River in that we have extensive experience in this area. With the use of the most current technology available, we have already completed a similar 16 well program with a 100% success rate. We look forward to continuing our development in the Powder River Consolidated Field with the 25 well Biamante project," stated Powder River Basin Gas Corp. CEO Brian Fox.
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