The well was re-entered and drilled to a total depth of 3,500 feet. Interpretation of electric logs and sidewall cores shows several prospective pay zones including those discovered in the recently placed in production Hammond #1 Well located approximately 2,000 feet to the West North West. Production casing has been set and perforation and testing are anticipated to occur within approximately one week.
The New Waverly Prospect comprises approximately 3,460 acres. Exploration potential exists in the Vicksburg/Jackson, Yegua, Cook Mountain, Wilcox, and Woodbine formations. This is the second of forty-five proposed shallow wells to develop the Vicksburg/Jackson formations. Pad construction has been completed at the next two well locations. Arrangements have made to move the rig onto the next well location upon receipt of the drilling permit.
Pan American is an oil and gas production company specializing in low risk oil and gas prospects where opportunity exists to generate high return through production enhancement and application of exploration techniques. Pan American currently holds production and prospects covering approximately 30,000 acres in Texas and is operator of the New Waverly Prospect.
Horizon Industries Ltd. is an emerging oil and gas exploration and production company building a high quality asset base in focused areas throughout the United States.
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