The company said that the drilling is progressing well and it is anticipated to reach the top of the prospective Paradox Basin later this week. Background gas is averaging 15 to 20 units with localized peaks of up to 127 units. The connection gas has reached 192 units.
The Honaker Trail formation was intersected at 7,795′ which is 344′ up dip of the Paradox Basin #1. Paradox Basin #3 is targeting crestal production from the Pennsylvanian Paradox Basin. The lithology has changed to limestone and sandstone.
The well has a current lateral reach extending 3,000′ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence. The Paradox formation is expected to be intersected at 9,941′ and the Ismay formation is expected at 11,063′.
