At a total vertical depth of 10,800ft, the well was successfully tested for natural gas in the Pettet-Travis Peak formation.
The company is completing the well for production, which is expected to produce between 2,500 and 5,000 million cubic feet of natural gas per day and plans are under way to recover around 4.5bcf of natural gas.
The leased prospect is also expected to support the potential for an additional five offset Travis Peak wells and four horizontal Pettet wells.
Chestnut Exploration and Production owner and chairman Mark Plummer said the company successfully completed the two most critical elements in drilling a well.
"The acquisition of this lease has already yielded prosperous outcomes, and our Pettet log indicates that we should be able to drill a new horizontal well for that formation as the price of natural gas increases, which is a bonus to the project," Plummer added.
