Pantera Petroleum announce the commencement of re-entry drilling in the Sibley 84 #1 Well, the first in a program of drilling over the next two months in our Block 83 84 Project JV. Located on 1280 acres in the prolific West Gomez Field in Texas, Block 83 84 consists of two re-entry wells (Sibley 84 #1 and Gulf-Baker 83 #1) and one infill, shallow depth, oil drill (Sibley 84 #2).
Our property is surrounded on all sides by proven production at high daily rates, with major industry players such as Exxon Mobil Corp., Conoco Phillips Co., Chevron USA Inc., Hunt Oil Co., Apache Corporation, Chesapeake Operating Inc., Cimarex Energy Co. and Texaco Inc. operating nearby. Our Block 83 84 can potentially produce 6.5 million cubic feet of gas per day from its two re-entry wells, along with 80 or more barrels of oil per day from the Sibley 84 #2. Based on published production data and geological and engineering calculations, recoverable reserves in the Block 83 84 Project are estimated to be more than 27 BCF of gas and 50,000 barrels of oil, of which Pantera has a 10% working interest.
Stratco Operating Company, our operating partner in the project, and Trius Energy began the re-entry phase of the Block 83 84 Project on April 1, 2008. The drilling rig was mobilized to location on Sibley 84 #1 along with the pump, water tanks, pipe racks and drilling string. Atlas Well Service ran the hole with tubing to 20 feet, successfully drilled through the first cement plug, and continued drilling and circulating out debris to an initial total depth of 640 feet. This process will continue for approximately 2 to 3 weeks until the well bore is free of any remaining plugs and we have achieved the total depth of approximately 22,820 feet. We will then begin the completion phase to immediately resume commercial production of natural gas.
Upon completion of the Sibley 84 #1, Stratco Operating will re-enter a second well, the Gulf-Baker 83 #1. The infill drill, the Sibley 84 #2, is a shallow drill of roughly 4000 feet that will be completed soon thereafter. The primary objectives of Block 83 84 are the Ellenberger, Fusselman, Devonian, Upper and Lower Wolfcamp, Atoka and Yates 7 Rivers sands. The West Gomez Field has produced in excess of 5 TCF of natural gas over the past 40 years, and wells in this field have produced or booked remarkable reserves out of these horizon intervals.
"With our drilling program for Block 83 84 underway, we are entering the production phase of our strategy with great forward momentum. This is a significant step towards near term revenue generation for our company and our shareholders, and this is just the beginning. We are actively pursuing an aggressive acquisition platform of high quality properties in the U.S. where we can quickly ramp production and cash flow, and we intend to rapidly grow Pantera into a highly profitable major E&P company," states Pantera Petroleum's CEO, Chris Metcalf.
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