Ameriwest has announce dthat the requisite permit approvals from the Wyoming Oil and Gas Conservation Commission have been granted thereby paving the way towards commencement of drilling operations for the Ameriwest Fee #1 well at the Company's Geary Prospect location.
Ameriwest recently submitted payment along with a full work plan identifying the location, timeline, infrastructure, access and electrical needs as required by law and the commission returned a timely approval on February 12th. The spud date remains as planned for on or near to March 16th and the Company intends to begin site preparations without delay.
Once drilling has begun, Ameriwest anticipates approximately 12 days to reach target depth. Based on initial results the Company could immediately elect to complete the well requiring an estimated 5 additional days prior to a brief period of testing and full assessment of the new well.
The target location is offset to 2 wells located in a well-documented part of the Geary Dome field in a prolific portion of the Powder River basin which has historically produced many millions of barrels of oil from several nearby fields. The main objective is structurally on trend with existing production within the Cretaceous Dakota sandstone formation with the possibility of production from other Cretaceous sands including the Upper and Lower Muddy, and Wall Creek (Frontier) sands. Initial estimates based on a full field program with 40 acre spacing across an estimated 18 wells indicate possible reserves of approximately 3 MMBO.
Company President Walter Merschat states, "We now have all our permits in place and are mobilizing to get equipment into the field as soon as possible. Everything is moving ahead as planned."
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