The Crude-Red Wolf #1, which is targeting the Wolfcamp A at 7,900 11,000ft, is a 9,100ft test well, while secondary objectives comprise Cisco, Canyon, Cline and Triple M formations.

The well is expected to reach total depth in around 19 days, while completion and testing is slated for the first week of May, 2014.

Crude Energy president Parker Hallam said the stacked pay potential of the wells makes for a tremendous long term producing asset for the company and investing partners.

"We have great sub-surface mapping to the Wolfcamp on our acreage and all of those surrounding logs show good porosity and permeability and we are very confident we will make a good Wolfcamp well with tremendous additional behind-the-pipe assets," Hallam added.

The company has oil and gas exploration projects in the Texas, Oklahoma and North Dakota.