Falcon Oil & Gas Reaches TD on Pusztaszer-1 Gas Well

TXM Oil and Gas Exploration Ltd., Falcon's wholly owned subsidiary, reports that the Pusztaszer-1 exploratory well, located in Hungary, has reached a measured depth of 3900 meters, bottoming in basement rocks of Paleozoic age.

A full suite of electric logs has been run from a measured depth of 2843 meters to the Total Depth of 3900 meters. Selected sample intervals for pressure measurements and fluid recovery were identified and a Modular Formation Dynamics Tester (MDT) tool was also run in the borehole.

Preliminary evaluation of the logs has led TXM to the conclusion that 5 inch production casing will be run in the well. Prior to setting the production casing, TXM will complete the logging program with a Vertical Seismic Profile (VSP) tool to help the Company understand time to depth conversions within the basin.

The TXM engineering team will now prepare stimulation and testing programs that will be conducted at a later date utilizing a fit-for-purpose rig.

The Pusztaszer well is one of two wells being concurrently drilled by TXM in the Mako Trough of southeastern Hungary.