Delek Resources Announces Drilling Joint Venture
|Wednesday, January 05, 2005
Delek Resources and Maxim Resources have entered into a multi-well joint venture agreement to drill in North Dakota.
The initial program is for one well with an option on another three wells. The operator will be Quantum Operators, a Delek affiliate. The target is the Lodgepole Formation; the average Lodgepole completion has an estimated recovery of 1,000,000 barrels and 500 mmcf, with the larger ones having as much as 4,000,000 barrels and 1 bcf. The target depth is 9600'. Initiation of the program is subject to rig availability. There can be no assurances that the recovery will be achieved or profitability will be obtained.