Signature E&P reported that since beginning its drilling program on June 25, 2010 at Koliba Prospect Well No. 2. located in Victoria County, Texas, the operator has drilled to a depth of 4,893 feet, more than half of its total target depth of 6,800. Once the drilling is complete, the operator will begin tapping the well, which could begin as early as next week.
"Drilling operations at Koliba Well No. 2 are going smoothly as evidenced by our operators progress in just a few days. We believe we are on schedule to begin generating cash flows from the Koliba Prospect by this August," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp.
Signature Exploration owns a 15% working interest in the Koliba Prospect, a 173-acre lease located in the highly productive North McFadden Field near the town of Bloomington. The prospect is valued to contain $5.8 million in estimated oil and gas reserves based on current prices. The well is accessible from roads beginning at the intersection of Highway 59 and 185 in eastern Victoria County, Texas.
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