Drilling Nears TD at Koliba Prospect
Signature E&P has received a report from its operator that drilling at Koliba Prospect Well No. 2. located in Victoria County, Texas has reached a depth of 5,802 feet. Plans are to drill to a total target depth of 6,800 feet, at which time the well will be tapped by the operator.
"Drilling operations at Koliba Well No. 2 are near complete, and we are now closer to beginning production at the well. We look forward to providing additional progress reports as soon as they become available. As it looks now, we are on schedule to tap the well no later than next week," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp.
Signature Exploration owns a 15% working interest in the Koliba Prospect, a 173-acre lease located in the highly productive North McFadden Field near the town of Bloomington. The prospect is valued to contain $5.8 million in estimated oil and gas reserves based on current prices. The Company previously announced it expects to begin generating cash flows from the Koliba Prospect this summer.