Black River announced further encouraging results from its project in the Cherokee Basin.
As part of the infill drilling campaign being conducted by Red Cloud Exploration via a farmout agreement, Black River Energy has been successful in finding oil from the Squirrel sandstone and Pawnee limestone on its first four wells drilled.
After logging each well, the logs confirmed that the oil interval encountered in the wells is comparable to other known wells researched in the area. The wells sit on the same exact trend and structure of producing wells in the area with the exception of the development of the Pawnee limestone uphole. The physical oil show along with the logs show of permeability in the Pawnee limestone would introduce a new pay-zone for this area of the Cherokee Basin.
Red Cloud Exploration Managing Director and CEO Kevin Sylla commented, "I am truly excited about the possibility of commercial production from the Pawnee Limestone. In many instances a lot of hydrocarbon carrying formations that are shallow, are overlooked, and justifiably so because producers are looking for the 'know' zone."
The company will be dual completing these wells in the next few weeks. First, Red Cloud Exploration will fracture the sand zone and produce the wells from the Squirrel formation. Then, the company intends to re-enter the hole and perforate and acidize the limestone.
The majority of existing production in the area comes from the Squirrel sandstone 800 - 900 FT, or Mississippian limestone at 1150 - 1200 FT for oil. These wells have demonstrated the ability to produce for 20 - 30 years.
Black River Energy's Manager, Richard Liu, said, "I am very happy to have had a 100% success rate on our first four wells drilled. I am looking forward to moving the process along and drilling the next five wells in the program and continuing the success we have had so far."
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