G2 Petroleum Plans 2 Test Wells for Diamond Springs in August
IDGLOBAL Corp is pleased to announce an operational update to shareholders pertaining to IDGC's working interest in the 3,330 Gross Acres Diamond Springs Drilling Prospect
G2 Petroleum has communicated with IDCG Executive Management team that it intends on Drilling two initial test wells with an anticipated spud date of August 1, 2009. The two locations will correlate with the Geosensing data that was commissioned via Force Energy per the press release dated November 24th, 2008. Per the report that was concluded by Hawkeye Geosensing Ltd., there is an approximate 75% success rate that the presence of hydrocarbons exists on the Diamond Springs acreage.
IDGC Management stated, "With the costs associated with drilling new wells declining daily, we expect our initial contribution to the drilling and completion of these initial test wells to be considerably less than expected from the time we initially purchased our working interest in the Diamond Springs Prospect. Fortunately, the working interest owners in the Diamond Springs Prospect are poised to capitalize on the lower costs associated with drilling new wells while potentially being able to participate in the swing in crude pricing as demonstrated by the current contango environment."
Further updates will be provided once the drilling permits have been filed with the BLM as well as any unexpected delays to the anticipated spudding of the initial two test wells.