GP Cautiously Optimistic About Kaycee Dome
Gold Point Energy Corp. (GP Energy) said that the first exploration well drilled at its Kaycee Dome oil prospect has intersected 28 feet with live oil shows and positive log readings from a depth of 1720 to 1748 feet. The Kaycee-Federal #15-4 well has been cased and the Company plans to proceed with perforating and testing for oil in the next several weeks to confirm the will economics.
Three miles to the northeast of GP Energy's Kaycee Dome project an oil field of twenty-seven wells has produced cumulative recovery of 27 million barrels from the same horizon, or an average of one million barrels per well, according to statistics maintained by the State of Wyoming Oil and Gas Conservation Commission.
The Kaycee-Federal #15-4 well was drilled to a total depth of 1935 feet and encountered 105 feet of Tensleep sand section, of which the top 28 feet had live oil shows and positive log readings. The Kaycee-Federal #15-4 well is the first test well in the 1,597 acre Kaycee Dome Prospect, which is located three miles west of the town of Kaycee, Wyoming. GP Energy is the operator of the Kaycee Dome Prospect and has a 35% working interest in the well.
GP Energy also reports that the GPE Tribal #27-10 in the Woody Creek Dome Prospect was drilled to total depth, evaluated and plugged. GP Energy is the Operator. No further drilling is planned on this project.
GP Energy, a Grosso Group company, is a Canadian-based company engaged in the development of oil and gas projects in North and South America. The Company has experienced technical and management teams which, when combined with the resources of the Grosso Group, provide a high level of expertise and access to an outstanding network of contacts throughout the industry. GP Energy is poised to leverage this expertise and network into early exploration successes.
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Company: Gold Point Energy Corp. (GP) more info
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