GP Energy Reports Another South Dakota Discovery
Gold Point Energy Corp. (GP Energy) on Monday reported a second gas field discovery in the South Cedar Creek project with the successful drilling of the Spyglass State #4-35 well.
The Shannon sand pay zone found in the State #4-35 well is similar to that found in the State #3-30 well, four miles west, and comparable to that found at a field located an additional twelve miles to the west which has had cumulative production of 23 BCF of gas (cumulative West Short Pine Hills Field production, according to State of South Dakota statistics).
"The success with our #4-35 well has confirmed our ability to find Shannon gas fields with our proprietary seismic method. Our seismic method has identified numerous Shannon development locations, additional seismic is being acquired to confirm the significant size potential of the Shannon gas play on our leasehold," stated Jack Steinhauser, President & CEO.
The State #4-35 located in Section 35, T18N-R4E, Harding County, South Dakota is the fifth obligation well of five that Spyglass Cedar Creek, LP of San Antonio, Texas ("Spyglass") has committed to drill in the 63,500 acre South Cedar Creek Anticline Project. Spyglass is the operator of the Project. The Company has a 30% interest in the first five obligation wells, and a 47.5% working interest in the balance of any development.
GP Energy, a Grosso Group member company, is a Canadian-based company engaged in the development of oil and gas projects in North and South America.
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