This well at the company’s 1,480-acre New Miami property is one of two initial wells the company plans to drill at New Miami, out of a total of 17 potential drilling targets.
The two wells, which have already been permitted, is considered to be low risk as they are offset from two previous vertical wells that have determined the presence of a shallow oil accumulation in the area.
The company said it will begin drilling of horizontal section of the New Miami #42-20H well immediately.
More than 300 million barrels of oil and 500 billion cubic feet of natural gas have been produced to date within a 50-mile radius of the New Miami property.
