The acquisition more than doubles the company’s assets at its North Oklahoma project, bringing its total holdings in the area to 3400 acres.
With this recent acquisition, the company has designated the new lands as the ‘Ripley prospect’ and the original lands as the ‘Yale prospect,’ with both areas held as regional components of the North Oklahoma project.
The company has planned to drill a well in the new acreage in the Ripley prospect.
The 2,000 acre Ripley prospect block is now part of the central focus of the company’s 2011 development plan and a location for its first Mississippi horizontal has been engineered and proposed.
The planned 1500ft to 4000ft lateral will target sections of the Mississippi formation, which sits atop the Woodford shale.
If the well is successful Petro-Hunter said it can drill up to five more laterals on 320-acre parcels.
