Posted On: 08/30/2013 10:20:37 AM
Post# of 2009
Real nice news here! PORTLAND, OR--(Marketwired - Aug 27, 2013) - Xun Energy, Inc., (OTCBB: XNRG) (XNRG) announced that the Company's operator, Vencedor Energy Partners (VEP), completed the drilling, casing and cementing of its first oil well of a 30 well drilling program. Rice oil well number 15 was drilled to the Target Depth of 1,050' on the Rice lease, in Venango County, PA, on August 26, 2013. Samples were taken during the drilling program for analysis. Petroleum odors were emitted at the 720', 745', and 915' levels of the wellbore, indicating oil presence at these depths.
"We are excited to have completed the drilling of our first oil well and the showings of petroleum odors are very encouraging and positive," stated Jerry G. Mikolajczyk, President and CEO of XNRG. "This is the first step of a 3 step process before the oil well produces oil. This is a monumental accomplishment for us and our next step to generating revenues."
VEP will analyze the samples taken during the drilling process and decide whether to continue to the next step, which would be to schedule a well log or abandon the well.
"It's still very early, but routine field observations indicate the Rice #15 shows similarities to the PDP wells already on the lease. We'll need more information, but so far, so good," stated Brian S. Ambrose, President of VEP.
The Company will not commence drilling on the remaining 4 oil well locations on the Rice lease until after it completes its assessment of the first well.
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