Radial Spuds Huaya 100-2X in Peru, Sets Surface Casing

Radial Energy Inc. announced that the Huaya 100-2X well was spudded last Friday.

The well was drilled to 203 feet, and surface casing was cemented into place on Sunday. Management expects drilling to reach the total depth of 900-950 feet by week's end, followed by completion and production testing.

The Huaya 100-2X well, according to CCP geologists and Gustavson Associates, is located in an optimum position to encounter the primary target Vivian Sandstone at a structurally higher position than the recently drilled 1X well and the original 4X discovery well. The 1X well encountered the Vivian Sandstone at 807 feet (318 feet below sea level), and the operator confirmed that an oil bearing zone has been identified in an interval within the Vivian from 807 to 821 feet, indicating 14 feet of net pay.

According to Radial COO Omar Hayes, "We are very excited about the Huaya 2X well as it will help confirm the potential size of our discovery as well as to determine initial production rates." Adding, "We expect the Huaya 100-2X to gain significant additional pay as we work our way to the sweet spot of the reservoir and the apex of the structure."

Radial Energy identifies, acquires, and develops low-risk oil and natural gas exploration and development opportunities throughout the Americas. The company's strategy involves targeting overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents.