The Company also signed a contract with TerrOnne Petroleum Corporation to provide field management and geology services for the 320 natural gas wells it already has under contract to Verdisys. TerrOnne Petroleum Corporation and its sister Company have drilled and managed approximately 2,500 natural gas wells in the Monroe, Louisiana area as well as other states, and have extensive experience with the natural gas formations there. The Company also anticipates the arrival of two new drilling rigs next week to service the planned expansion of its drilling service requirements.
"We continue to focus on expanding our services in the Monroe field based upon the success we have experienced so far with our lateral drilling rigs," said Dan Williams, President and Chief Executive Officer of Verdisys, Inc. "The Monroe Gas Field has huge gas reserves that have been previously unrecoverable due to both economic and technical hurdles. Verdisys' lateral drilling technology successfully accesses these reserves through the existing depleted well holes and brings them back into production."
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