Earthstone Energy announced that drilling operations are under way on its newest horizontal Bakken well in the Banks Field in eastern McKenzie County, North Dakota. The Pederson #10-3H, located in Section 10, T152N - R98W will extend 10,660 feet horizontally and cross north into Section 3. The well is currently at a measured depth of 14,000 feet and has approximately 7,000 feet of horizontal borehole left to drill. Earthstone has an approximate 2.4% working interest and estimates spending approximately $148,000 for our share of drilling and completion costs on this well. Zenergy is the Operator of the well.
"We are pleased to report things are starting to heat up on the Banks acreage," commented Ray Singleton, President of Earthstone Energy. "Following drilling operations, we are planning a multi-stage, hydraulic stimulation similar to those now used by others in this area. Our first efforts on this prospect, three years ago, were not exactly successful. With this new, multi-stage technology, we expect to dramatically improve production rates from previous levels. We look forward to sharing the results as soon as we have them."
Singleton continued, "In related news, both Zenergy and Panther Energy have filed permits to drill a number of wells in the immediate area. If this is an indication of things to come, we believe we are going to be busy this summer drilling. From the Williston basin to the Gulf Coast of Texas, we continue to look for opportunities that will have a significant impact on the Company's production, income and reserves."
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