The company has contracted FX Drilling Company from Oilmont, Montana, for an eight well drilling program, which is scheduled to commence in January 2008.
The Teton prospect covers some 97,400 net acres and is offset to the Gypsy basin which has claimed to have produced over 510,000 barrels of oil from 1280 net acres, to date.
The company said that the key targets for these multi-zone wells are the Madison oil and Sunburst gas formations. The current royalty rate on Primary Petroleum’s land in Montana is 12.5%.
