Two of the wells including the Butler Davis No. 1 well drilled to a total depth of 3103ft and the J Lakin No. 2 well drilled to a total depth of 2823ft were completed and placed into production after down-hole inspection and re-entry procedures.
US Natural Gas has drilled the remaining two wells including the Detweiler No. 1 well to a total depth of 950ft’ and the Thompson No. 1 well to a depth of 1250ft to have each well producing on average 1-2 barrels of oil per day (BOD).
While the Butler Davis No. 1 well and the J Lakin No. 2 well wells were acquired by US Natural Gas in the recently closed Wilon Resources acquisition, the two remaining wells placed into production in Hart County, Kentucky and were acquired earlier this year.
US Natural Gas president Wayne Anderson said as the disparity in pricing increases between natural gas and oil, management must direct the company’s capital expenditures to deliver the highest profit margins.
"Over the course of the next two quarters we will stay focused on achieving our ultimate goal of 500 plus barrels of production monthly," Anderson said.
