Black Dragon has designated a well to test a new experimental patented technology that allows for directional drilling in shallow depths, mainly focusing on the Annona Chalk Formation. Black Dragon has an inventory of 600 wells of this type in its portfolio of assets.
A traditional chalk well is perforated with a shot that is the diameter of a .22 caliber bullet, with penetration of only 6-8 inches into the formation itself, once it pierces the casing, cement, and finally reaching the formation. This patented technology allows for cost effective horizontal drilling at shallow depths maximizing exposure to the targeted formation. The tool is able to drill 31 feet out in any direction, at any angle, boring a 2-7/8ths inch hole.
According to Mr. Smith, Chairman and CEO, "This technology has the potential to increase chalk oil production by 300% to 1,000% thereby increasing revenues substantially."
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