|By PR Newswire||
|March 3, 2014 02:47 PM EST||
DALLAS, March 3, 2014 /PRNewswire/ -- Silver Tusk Oil Company, LLC ("Silver Tusk") Managing Member, Paul Fenemore, has announced that operations to drill the Willard Unit 1H well are well under way. This well will be drilled within the productive limits of the Giddings (Austin Chalk) Field located in Burleson and Lee Counties, Texas and is the first of many wells that Silver Tusk expects to drill in its Sand Lake Prospect Area.
Silver Tusk together with the Silver Tusk Lease Acquisition and Development Partnership, LP currently have around 5,295 net acres under lease within the productive limits of the prolific producing Giddings (Austin Chalk) Field with all depth rights from surface to the base of the Austin Chalk Formation.
Construction of the drill site and access road are complete, the water well has been drilled and the surface conductor pipe set. The Basin Drilling 2, LP Rig #102 has just been released after drilling and completing a horizontal well for Woodbine Production Company in Madison County, Texas (110 miles away) and the rig will now move in and rig up to drill the Willard Unit 1H well on Friday, February 28, 2014.
Silver Tusk is excited that the spud date for the 'kick-off' well for the Silver Tusk Lease Acquisition and Development Partnership, LP has finally arrived and is very happy that it was able to secure the services of Rig #102 from Basin Drilling 2, LP at such short notice. The projected total depth of the Willard Unit 1H well is approximately 11,520'. It will be drilled as a horizontal well with a true vertical depth of 6,300' and a Drilling Water Well horizontal leg of 5,400' penetrating the lower part of the Austin Chalk Formation which is the main producing member in the Giddings (Austin Chalk) Field. The well is expected to take around 45 to 60 days to drill and complete.
Silver Tusk also is finalizing title and survey work on 2 other horizontal Austin Chalk units in the southern part of the Sand Lake Prospect Area known as the Zgabay-Zchesch and Carroll Units and anticipates having one or both of these units ready for drilling shortly.
The Silver Tusk Lease Acquisition and Development Partnership, LP is focusing its leasing and drilling activities in some of the most prolific parts of the oil and gas rich East and South Texas Basins. It is anticipated that the Lease Acquisition and Development Partnership, LP will lease approximately 10,000 acre of high potential oil and gas leases in these areas and drill up to 25 wells.
Negotiations are at an advanced stage to acquire leases in several areas in the East Texas Basin with excellent potential to establish shallow oil and gas production from the Rodessa, Pettet and Travis Peak intervals. Silver Tusk is finalizing leasing arrangements in several areas with potential to yield in excess of 1 million barrels of oil equivalent per project area. Further details will be announced soon.
SOURCE Silver Tusk Oil Company, LLC
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