Mesa Wood #4 Well Successful
International Oil & Gas Inc. announced, in joint venture with Pallaum Minerals Ltd., that its operator Mesa Resources Inc. has successfully drilled the Mesa Wood #4 well into the Barnett Shale at its Hood County Texas project. To date, International Oil & Gas has drilled four successful Barnett Shale wells. Based on a 40-acre spacing, the Company announced the potential to develop a 100 well gas field on the 5,600 acre Hood County property.
The Mesa Wood #4 well has been drilled with excellent gas shows into the Barnett Shale formation. The successful drilling of a fourth well with significant permeability in the Barnett Shale formation has encouraged the Company to plan additional wells. The U.S. Geological Survey is calling the Barnett Shale "the hottest gas play in the United States," and estimates that there are 10 Trillion Cubic Feet (10 tcf) of recoverable reserves.
Mike Stewart, president of International Oil & Gas, said, "The historic success of the Barnett Shale formation has been as high as 99% with more than 800 wells completed by prior operators. With this outstanding track record, prior operators have provided International Oil & Gas with proven and pioneering techniques to similarly succeed at the Barnett Shale formation. We expect to drill additional wells, with an initial target of completing 100 wells in the future."
The Company is in negotiations with Pallaum Minerals to carry out a further multi-well program, details of which will be announced shortly.