American Petro-Hunter to Spud Kansas Oil Well Today
American Petro-Hunter announced that the drilling program at the #1 Lutters Well oil well on the Poston Prospect, Trego County, Kansas has commenced. The drilling rig recently arrived on site and the Company expects the well to commence drilling operations today.
The #1 Lutters well is planned for a total depth of 4,500 feet. The well is targeting oil in the Mississippi Dolomite and /or Cherokee sands. The location shows a significant 3D Seismic anomaly pinpointing a probable oil bearing zone. In addition, the 750 acre lease block has the potential for a multi-well program with 2 to 3 offset locations possible to fully exploit the acreage. Engineering estimates of the potential production from the indicated pay zone is between 35 and 100 barrels per day from a successful well. Full development of the field could produce up to 400 BOPD of light oil. There is excellent transportation and support infrastructure in the area easily supporting a requisite storage tank battery at the location.
American Petro-Hunter has acquired a 25% Working Interest in the Poston Prospect. If a successful commercial oil well is established, the Company will receive an 81.5% Net Revenue Interest (NRI) or 20.4% of all commercial production revenues.