Bankers Petroleum has received a preliminary brute stack for the entire 115 square mile 3D seismic survey that was acquired last year, and is using this data to select its drill sites for 2008. The first five locations have been chosen and three new locations are currently being built. The first of these wells is expected to spud in the next two weeks. Two additional rigs are scheduled to begin drilling the other two locations in the first week of March.
In the Palo Duro Basin in Texas, results have not been as anticipated. Two of the three horizontal stages were fracture stimulated in the Atoka A zone of the horizontal Cogdell #64-1H well. Testing resulted in virtually no hydrocarbon recovery, likely due to the fracture having connected into a water interval. This well was re-drilled horizontally out of the same well-bore that originally produced 325 mcf/d from the Atoka A zone in an attempt to increase the production rate. The well recovered all of the injected water and was still producing significant water rates at the time it was shut-in. Bankers is currently evaluating its options for the remaining part of the well-bore.
Bankers Black 4-1 well has not yet been fracture stimulated in the Bend shale. Core Laboratories has recently completed additional tests on core material from Bankers' Burleson Ranch well to test some theories for a different fracture stimulation method. Bankers anticipates that it will have the fracture stimulation recommendation for the Black 4-1 well in the next two weeks.
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