The company plans to lease approximately 400 acres over the encountered prospect and drill to evaluate the prospective subsurface geology.

This prospect was identified in the Illinois Basin through the research of records from the Illinois State Geological Survey (ISGS).

The D1 Offset Prospect was identified and developed from the existence of an isolated well, which had initially produced 40bopd, according to records shown in the ISGS, and zero water.

The company said that this well is in the immediate vicinity of an oil field, which produced over 14 million barrels of oil, according to records shown in the ISGS, from seven pay zones.

The D1 Offset well needs to be offset and field development carried to its full extent. All pay zones are above 3,500ft.