PRB Energy Enjoys Success on its Julesburg Basin Acreage
PRB Energy, Inc. has drilled and set casing on seven of eight wells of the initial 14 well program since announcing the commencement of its Niobrara drilling program in the D-J Basin. Electric logs indicate that, upon completion, all seven wells will be commercial. The well that was plugged and abandoned appeared to be close to a fault. Within this fault block, there is production and several additional locations that should sufficiently recover the gas reserves. At this time, the Company is moving forward with the installation of flowlines and expansion of compression facilities. Completion activities for these wells will commence before the end of July with gas sales shortly thereafter. It has been taking approximately three days to drill and case each well at a cost of approximately $75,000. The balance of the 14 wells will be drilled and completed, if commercial, during the month of August.
Robert W. Wright, PRB's Chairman and CEO, noted, "We are excited about the wells we have drilled to date and are in the process of filing the next round of drilling permits. We are working to have 60 wells approved during the 3rd and 4th quarters and will continue with the drilling program as permits are obtained. In addition, we continue to evaluate options on how to improve our capital structure and our earnings and cash flow potential."
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- PRB Energy Enjoys Success on its Julesburg Basin Acreage (Jul 16)