This project looks to start next week. Monday.
We plan to commence the drilling of the first 2 shallow Wooldridge wells, which are already permitted, the week of December 1st, 2012. Once the first two wells are placed into production the remaining financing will be available and we will begin the process of permitting and drilling the remaining 10 wells in the project. We expect this project to be fully completed in early 2013, and add an estimated 100 BOPD in production.
We have already chosen our location on our 81 acre Elora farm out next to the Sabine river. Once the survey and permit are completed we will start (that should take about 2 weeks). This drill will be approximately 3500 feet. It will also be a horizontal drilling into the Fredricksburg zone. There was a well drilled there in 2007. That well owner only had the rights below 5000ft. They wire lined the entire well and we now have those logs in our possession and will drill where the existing pad is. This will allow us to avoid the pad setup expense. Also having 50k worth of logs should allow us to navigate into the zone with success. If we have a successful oil well (our goal) we will drill again from this pad into the Saratoga zone.
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