The well is slated to be spud soon and the company anticipates the drilling to take seven days to reach the planned 4,500ft target depth.
The #3 well is a direct offset by 300ft to the #1 Lutters well that has been in production since June 2009.
The #3 Lutters well is targeting the oil producing Mississippi Dolomite formation found by a 3D seismic high which pinpoints the oil bearing horizon. The #3 Lutters offset well is part of an ongoing, multi-well drilling program designed to fully exploit the 750 acre location.
Given that the #3 Lutters is located adjacent to an existing well and facilities, in the event commercial producer is completed, the company expects a rapid tie-in to the site infrastructure and tank storage battery thereby allowing for oil sales to occur in an expedited manner.
