EnDevCo, Inc. reported the completion of the first horizontal well in the Company's Short Junction Field in Oklahoma. The WSJU #109StH was drilled to a measured depth of 11,768 feet and will produce open hole from a horizontal lateral that drilled through the Bois d'Arc member of the Hunton Limestone reservoir. The Company has begun its well testing process and expects to announce stabilized flow rates in approximately two weeks.
The WSJU #109StH well was drilled as a re-entry from the surface location of the existing WSJU #109 well and was deviated to intersect the Bois d'Arc formation at a depth of 8,017 feet true vertical depth with an inclination of 70 degrees approximately 300 feet northeast of the old vertical well bore. Seven inch casing was set to a depth of 8,414 feet, approximately 30 feet into the Hunton. From that point, the horizontal lateral was drilled due north between existing vertical well bores using a 6 1/8" bit to achieve an open-hole completion of 3,354 feet in the Bois d' Arc.
Mr. Chris A. Dittmar, CEO, stated, "This well is an important milestone for EnDevCo as it establishes a substantial and dependable monthly net profit from oil and gas production for the Company. Additionally, this well serves to validate DeGolyer and MacNaughton's engineering appraisal of the gross proved reserves in the Short Junction Field of 27.3 million barrels of oil equivalent (combined oil and gas reserves). As a result, EnDevCo is planning to commence drilling its second horizontal well during February and should be able to realize sufficient earnings during the first quarter to post a profit for the entire year. We are excited to play this important role in the development of what will again become a significant oil and gas producing field in Oklahoma. We would also like to acknowledge and greatly appreciate the support and confidence shown in our management team by our vendors."
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