Forest Gate Energy has discovered oil on its Crescent Junction property near Green River, Utah.
Forest Gate holds a 50% working interest in the Tidewater State 3-24-2219 exploration well. Third party evaluation indicates oil potential in the following zones:
The well is located in Section 3, T22S-R19E, approximately 29.8 miles East of Green River, Grand County, Utah and was drilled to a depth of 3,050 feet targeting various formations.
Production casing was run to a depth of 1,100 feet for production testing of the four shallow oil zones listed above. Good, clean porosity was noted in these zones. The productivity will be known once the zones are production tested. Production testing will be undertaken during the next few weeks. Both the Brushy Basin and Lower Salt Wash zones have been producing oil for many years in the Cisco Dome field located approximately 20 miles east of the well.
"We are pleased to have found significant potential pay in these shallow zones," said Don Vandergrift, Forest Gate's President and Chief Operating Officer. "While targeting the Wingate zone, I think our drill got a little too close to the nearby salt wall,"
"We now have significant new data to correlate and we expect to target the Wingate reservoir with future wells. Our initial target has provided us with our first potential oil production in this area," added Mr. Vandergrift.
Forest Gate currently owns various interests in 121,000 gross acres and 31,335 net acres in Utah, and also has an option to acquire a 50% interest in an additional 135,505 gross acres and 37,264 net acres in Utah.
All figures from initial drilling results have been reported by, Don Vandergrift, President and Chief Operating Officer of Forest Gate Energy Inc.
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