Mogul Awarded Drilling Permit in Tx. County
Mogul has filed with and received from the Texas Railroad Commission a permit to drill the Werland Heirs Well #1 in Aransas County, Texas. The staked well location, permitted to a total depth of 9,600 feet, is approximately 2 miles south of Bayside in the D.C. Barrett League, A-321 Survey. Mogul anticipates several potentially productive zones from the Frio formation, all of which will be tested.
The Werland Heirs Well #1 has received 100% participation of all working interest owners. The leases currently have the following working interest owners, all of whom are participating in the well: Global Oil and Gas Resources, Inc.; GM and Partners, Corp.; RDR Capital Investors, LLC; and Merek Contract Services, Inc.; and Aura Oil Holdings Ltd., a related party owned by a director of the Mogul. Mogul has a 25% carried working interest in the well and is the operator of record.
Mogul President and CEO, Tim Turner said, "We are pleased with the possibility of significantly adding to and expanding our production base with this new prospect. There are several intervals that we believe to be productive and are looking forward to finalizing the drilling plans so we can begin drilling operations in the near future."