The company intends to drill vertically through the Escondido, Olmos, San Miguel, Austin Chalk and Eagleford Shale formations, inclusive of horizontal drilling of about 3,000ft to 4,000ft upon reaching this shale play.
Gulfmark president and CEO Michael Ward said this financing will propel Gulfmark’s footprint in the Eagleford Shale play and provide the flexibility to execute on its business plans while affording it the development opportunities which currently exist in this prolific play.
"We have yet to assess all of the undeveloped potential opportunities to expand our operations utilizing horizontal wells with multi-stage fracturing technologies," Ward said.
Gulfmark is focused on the acquisition, exploration, drilling, development, production and sale of natural gas, crude oil, and natural gas liquids.
