American Standard Adds Rig for Permian Basin Drilling Program
American Standard announced the addition of a second rig for its 10 net well drilling program in Andrews County, Texas.
ASEN has secured the JW Rig #5 which will be moving onto the University 8 #1 location this week in Andrews County and is expected to spud Monday July 25th.
The Viking Rig #20 initiated the 10 net well drilling program and has spud the University 42 #2 well in Andrews County.
ASEN intends to drill the University Andrews 42 #2 well to the Devonian and then subsequent wells will be drilled to the Strawn and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations. The Company will own 100% working interests in all 10 wells.
ASEN will have these dedicated two Rigs for the duration of this Phase 1 of our Permian Basin development program and expects to maintain them for future Phases. With the addition of the second rig, we project completion of this project to be cut by three months.
Scott Feldhacker, CEO of ASEN commented, "With over 4000 permits filed by various operators in the Permian Basin this year to date ASEN is demonstrating its abilities to aggregate the services needed to develop its assets in a marketplace of high demand."