Indigo-Energy Completes Drilling Oil, Gas Wells in Illinois Basin
Indigo-Energy has completed the drilling of four wells in the Illinois Basin. The company revealed its plans to commence drilling in this region in December of 2008 and is announcing today the completion of this project. The four wells are comprised of one vertical "hub" well, two horizontal natural gas wells which intersect and drain into the vertical shaft; and one horizontal oil and natural gas well.
Indigo, along with its team of operating and drilling partners in the Illinois Basin, utilized state-of-the-art technology to create a unique well design that management believes should yield outstanding results from the known reserves in the area.
"This truly marks a milestone achievement for Indigo and its shareholders," stated President and CEO Steve Durdin. "I believe that these wells will mark the cornerstone of our Company's future growth in this region while establishing a foundation for revenue that should take us to another level as a company. I want our shareholders to know that we are approaching the business with a high level of creativity, ingenuity and technological expertise. In tough economic times, we need to find ways to produce our products at a lower cost in both the drilling and production phase. I believe that we have accomplished those goals in the first phase of this project. We have been innovative, we have been focused on quality, and I believe that the results will tell an exciting story."
Indigo was able to take this step because of the financial support and contributions of Carr Miller Capital (CMC) of Marlton, NJ. Indigo announced in December of 2008, a Global Finance Agreement with Carr Miller Capital whereby CMC would commit funds to Indigo for drilling and operating costs while Indigo would oversee the operation along with its drilling and operating partners in the Illinois Basin. In the original agreement, only three wells were to be drilled and completed. However, due to additional, expedited funding from CMC, the Company was able to complete all four wells in this first phase. Everett Miller of Carr Miller Capital is also a Director and Chief Operating Officer for Indigo.
In the coming weeks, the Company will be in the final stages of completion of the wells and related infrastructure and anticipates natural gas and oil production within the next 30 days. In, the Company will continue its planning of Phase Two, which includes further development of natural gas reserves in the area.