Signature E&P announced that the lease agreement on its Nettie Rhodes property located in Young County, Texas has been extended for another twelve (12) months.
In August 2009, Signature Exploration acquired a five percent (5%) turnkey working interest on the Nettie Rhodes lease with an option for an additional 25% in a lease located in the southwest corner of Young County. The approximately 160-acre lease lies roughly six miles northeast of the town of Woodson on the west flank of the Bend Arch in Central Texas. Currently, five wells located in the lease area and adjacent to the property are producing oil and/or natural gas.
"We've renewed our lease on Nettie Rhodes and plan to proceed with 3-D seismic studies at the property. By utilizing advanced geological technology such as 3-D seismic, we can pinpoint the most favorable location to begin a drilling program," said Steven W. Weldon, CEO of Signature E&P. "After 3-D seismic studies are complete, we plan on drilling one (1) 4,500 foot test well across the southern part of the lease. If this drilling produces positive results, we will begin production on the well and drill two additional test wells on the lease to determine if additional wells are capable of production."
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