Signature announced an update on the drilling program at its Koliba Prospect Well No. 2 located in Victoria County, Texas. Signature Exploration owns a 15% working interest in the Koliba Prospect, which is valued to contain $5.8 million in estimated oil and gas reserves based on current prices.
As of April 14, 2010, all rock and gravel material has been hauled in, leveled, and compacted at the well. The pits have been dug, inspected and approved by the drilling company. "Weather continues to be a factor in the exact timing of when the drill rig can be moved on to the property, but a time frame of no longer than two weeks is most likely. We'll continue to provide updates as soon as we receive them from our operator," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp.
The Koliba Prospect is a 173-acre lease located in the highly productive North McFadden Field near Bloomington, Texas. The Company has identified three (3) target zones at 5,880', 5,350', and 4,930', in the Frio Sands. The Koliba Prospect will be drilled 250 feet from an originally large producing well and is considered a low risk / high reward prospect due to its proximity to previous wells in the prolific Frio interval.
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