Forster Drilling Corporation has entered into a multi-year daywork contract (one year with one year renewal) with Limestone Exploration, LLC. The contract provides for the deployment and utilization of Rig 15 in Martin County, Texas. The rig will be used in the development of the Spraberry Trend.
Forster Rig 15 is a National 50 Drawworks with a Lee C. Moore Mast and two 1,000hp triplex mud pumps. The rig was built in 2006.
F.E. Forster III, the Company's Chairman and CEO stated, "With this contract and Rig 15 employed, management anticipates that the Company will transition from a start-up to a going concern with positive cash flow and earnings for the first time in its short history."
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