Signature has updated the Company's Koliba Prospect proposed spud date from "early 2010" to mid-February of this year.
Steven Weldon, CEO, commented on the drill date, "With improved weather conditions in South Texas, specifically in the North McFaddin Field, we are now able to target a more specific date to begin drilling. Our operator has stated a goal to commence drilling on or around February 15th, weather permitting."
The Koliba Prospect is located approximately 3.5 miles southwest of Bloomington, Texas in the North McFaddin Field. According to Texas Railroad Commission ("RRC") maps and records, the North McFaddin Field hosts 87 productive oil and gas zones. The Company has identified 3 target zones in the Frio Sands. RRC records state 7 wells from these 3 target zones had produced 390,426 barrels of oil and 2,472,481 thousand cubic feet of gas.
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