Primary Takes First Stab at Montana with Eight Wells
Primary Petroleum Corporation reported that the drilling program on its Teton Prospect in Montana commenced on Friday January 18, 2008.
The key targets for the Teton wells are the Madison oil and Sunburst gas formations. The estimated total depth for the wells is approximately 3500 feet (1067 meters) and the Company anticipates that the drilling program should be complete in approximately three (3) months. The royalty rate on Primary's Teton lands is 12.5% and the prospect covers some 97,400 net acres (152 sections) offsetting the Gypsy Basin field which has produced over 510,000 barrels of oil from two (2) sections (1280 net acres).
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