Signature E&P announced that the operator of the Koliba Prospect Well No. 2, located in Victoria County, Texas, is currently moving the drill rig onto the property. 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.
"We are pleased to move forward with our first drilling project. We believe the fundamentals of oil remain strong, and that we are now positioned to exploit opportunities to begin generating cash flows from oil production at the Koliba Prospect this summer," 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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