The Koliba Prospect is a 173-acre lease located in the highly productive North McFadden Field near Bloomington, Texas. The company has identified three target zones at 5,880′, 5,350′, and 4,930′ in the Frio Sands.
The Koliba Prospect will be drilled 250ft from an originally large producing well and is considered a low risk/high reward prospect due to its proximity to previous wells in the prolific Frio interval, Signature said.
Steven Weldon, chairman and CEO of Signature, said: “We are pleased to move forward with our first drilling project. We believe the fundamentals of oil remain strong, and that we are now positioned to exploit opportunities to begin generating cash flows from oil production at the Koliba Prospect this summer.”
Signature is an independent energy company engaged in the exploration, development, exploitation and acquisition of onshore oil and natural gas properties in the US.
