The company said that once the drilling is complete, the operator will begin tapping the well, which could begin as early as next week.
Steven Weldon, chairman and CEO of Signature Exploration and Production, said: “Drilling operations at Koliba Well No. 2 are going smoothly as evidenced by our operators progress in just a few days. We believe we are on schedule to begin generating cash flows from the Koliba Prospect by this August.”
The company owns a 15% working interest in the Koliba Prospect, a 173-acre lease located in the North McFadden Field near the town of Bloomington. The prospect is valued to contain $5.8m in estimated oil and gas reserves based on current prices.
