The drilling program is targeting the Murfreesboro, Stones River and Knox formations, which are known to be able to produce between 100,000 to 300,000 total accumulated barrels of production per individual formation.
Drilling of the first well has been completed with the well demonstrating a natural fill up from the Murfreesboro Formation.
The well has encountered 110ft of pay and has the potential to be deepened to access additional payzones.
To finance the program, Alamo borrowed additional funds from the $2m financing agreement, which the company signed in November 2009.
Till date, it has received approximately $1.5m of the total commitment.
It has allocated a significant portion of the funds towards the development of its projects which has yielded seven new wells all encountering hydrocarbons.
