Pantheon Resources, Petro Hunt Make Progress on Nottoway Prospect
Pantheon Resources updates on the drilling of the Fay Weil Ross et al 1 well on the Nottoway prospect in South Louisiana.
Petro Hunt LLC, the operator, has successfully sidetracked the stuck drill pipe in the original well bore and is drilling ahead below 11,000 feet (measured depth). Petro Hunt has a sidetrack drilling plan in place that will reach the original target zones. Nottoway is a high impact oil and gas prospect for Pantheon and part of a three well program in South Louisiana.
Pantheon is participating with a 7.5% working interest, carrying the farm-out companies for a 25% back-in after project payout. All costs will be recovered by Pantheon prior to back-in by the farm-out partners and no revenues will be received by these companies until Pantheon attains payout.