The drilling to target depth follows on the commercial results of the first deep development well and the filing by Range Resources before the Corporation Commission of Oklahoma to seek a third scheduled well both within the Hobart prospect.
Sun Cal Energy owns a 1.5% gross overriding royalty interest in the Hobart prospect strategically located in the Anadarko basin and part of the Springer Morrow play. Key players running rigs in the immediate area include Marathon Oil, Chesapeake Energy, and Range Resources.
Lewis Dillman, president and CEO of Sun Cal Energy, said: We are excited that a second deep development well has reached target depth on our Hobart Prospect. With completion operations expected shortly, we are encouraged about the possibility of receiving commercially viable results on yet another well within our portfolio of oil and gas assets.
The successful drilling of a second deep development well to target depth represents another key milestone as we continue to seek cash flow and production.
