Once this well is completed, the rig will move immediately to the next location, Palmetto Point #2. The Company intends to report all drilling results on an ongoing basis, as they become available. Stallion holds a significant 40% interest in the Palmetto Point area of mutual interest.
The Company also announces that it has purchased an additional 3.5% interest in the 5 previously drilled and completed Frio natural gas wells. These wells were drilled earlier this year.
The current drilling program is part of a larger 50 well drilling program that the company plans 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 33.5% and 40% gross interest in this AMI (area of mutual interest) in Mississippi and Louisiana.
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