Brinx Announces First Well in the 2008-3 Program Intercepts 200 Feet of Gross Payadmin
Brinx Resources has announced that the first well in Ranken Energy’s 2008-3 drilling program, the Selman #1-21, was drilled and reached a total depth of 6842 feet on January 28, 2009.
Open logs were run on the well and indicate a gross pay interval with gas shows from 6046′-6051′ in the Gibson Sand and from 6054′-6234′ and 6444′-6460′ in the Viola Formation. Scattered minor shows were also present in the interval between the 6234′ and 6444′ The top of the Viola was found 47 feet structurally high to the nearest well that produced 577 million cubic feet of gas and 9,572 barrels of oil. Completion of the well should start within the next two weeks.
The 2008-3 program is composed of four 3-D seismically defined separate prospects with one exploratory well in three of the prospects and two in the fourth prospect. Targeted pay zones for each of the four prospects include the prolific Oil Creek and Bromide Sands, Viola Limestone, Deese Sandstone and Layton Sandstone. One of the exploration wells has very similar geology and structure to the Bromide sands in the successful Owl Creek field previously owned by Brinx.
The recent drop in drilling and completing costs within the oil and gas sector has encouraged Brinx to resume its exploration activities. It is anticipated that the successful wells in this program will lead to additional development wells that can be drilled when the market for oil and gas prices recover. These potential well locations and those that already have been identified on Brinx’s other two prospects, both of which are still producing economic quantities of oil and gas, should give Brinx ample locations to drill in the future.
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The Company’s current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sand Project in Noble County, Oklahoma (40% interest); 5% working interest in the Ranken Energy’s 2008-3 program; and the Palmetto Point Project in Mississippi (8 to 8.5% interest). Brinx Resources is seeking to further develop its existing project through development or offset drilling and expand its portfolio to include additional interests North America.