The Pederson #10-3H, located in Section 10, T152N – R98W will extend 10,660ft horizontally and cross north into Section 3. The well is currently at a measured depth of 14,000ft and has approximately 7,000ft of horizontal borehole left to drill.
Earthstone has an approximate 2.4% working interest and estimates spending approximately $148,000 for its share of drilling and completion costs on this well. Zenergy, headquartered in Tulsa, Oklahoma, is the operator of the well.
Ray Singleton, president of Earthstone Energy, said: “We are pleased to report things are starting to ‘heat up’ on the Banks acreage. Following drilling operations, we are planning a multi-stage, hydraulic stimulation similar to those now used by others in this area. Our first efforts on this prospect, three years ago, were not exactly successful.
“With this new, multi-stage technology, we expect to dramatically improve production rates from previous levels. We look forward to sharing the results as soon as we have them.”
