The Company has drilled and logged 28' feet of net pay in three separate zones in its Sullivan Shallow prospect, the S.L. 1922 No. 22 well. The well was drilled and logged to a total depth of 7540' MD and encountered pay in the 6,000', 6,900' and 7,500' sands. The Company, which is operator and owns an approximate 65% working interest in the well, is currently producing the well as a dual completion in the 6,000' and 6,900' sands at a combined daily rate of approximately 3,400 Mcf of gas and 40 barrels of condensate.
The Company designed the initial Sullivan Shallow well as an acceleration well in order to further enhance the Company's net production volumes and to convert previously booked non-producing reserves into proved developed producing ("PDP") reserves.
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