Pantheon's Fay Weil Ross et al #1 well has reached a measured depth ("MD") of 12,025 feet at which point 7-inch casing is being set.
Hydrocarbon shows were encountered in the mud logs in shallower zones. These shallower zones have been logged. The results of these electric logs suggest the presence of a thin hydrocarbon pay zone.
Two factors should be highlighted. First, these shows were encountered in a reservoir that was not considered either a primary or secondary objective prior to drilling. Secondly, the occurrence of hydrocarbons at this shallower depth should not be interpreted as an indication of the presence of hydrocarbons in either the primary or secondary zone.
The Fay Weil Ross et al #1 well commenced drilling on October 1, 2007 in Iberville Parish, Louisiana. This is located to the south of Baton Rouge near the small community of White Castle, Louisiana.
The Fay Weil Ross et al #1 well is scheduled to be a 15,498 feet test of the Nottoway Prospect. This is a geological feature unknown until a new 3D seismic survey was shot in late 2005. The operator is Petro-Hunt, L.L.C. ("Petro-Hunt").
The Nottoway Prospect is located between two existing oil and gas fields, White Castle Dome and Laurel Ridge. Deeper exploration was undertaken on both fields in 2006. New discoveries were made in both White Castle Dome and Laurel Ridge Field in the deeper Oligocene section in 2006. Similar zones are objectives in the Nottoway Prospect.
Pantheon is participating with a 7.5% working interest, carrying the farm-out companies for a 25% back-in after project payout. All costs will be recovered by Pantheon prior to back-in by the farm-out partners and no revenues will be received by these companies until Pantheon attains payout.
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