Kentucky USA Energy, Inc. on Drilling Updateadmin
Kentucky USA Energy, Inc, an early stage natural gas exploration and production company, has just published a report that that the drilling contractor for the Company’s initial wells has moved a second drilling rig onto the Company’s second well, Hunter Wells #1 location and has spud-in. Due to mechanical difficulties on the first rig, there has been a 2 ½ week delay drilling at the Company’s first well, Francis Grace #1 location. Drilling is presently at the 2000 foot level and is expected to reach total depth (“TD”) at the base of the shale formation of approximately 2400 feet. Once TD is reached at the first well and rig down is completed, the drilling contractor will move the rig from Francis Grace #1 to the Company’s third well, Slinker #1B location.
Steven Eversole, CEO of Kentucky USA Energy said that We have spent these last few months planning and preparing to tap into the proven, undeveloped reserves in our New Albany Shale leasehold in western Kentucky, and we are about to achieve a major milestone – completing the drilling of our first well. With up to approximately 50 wells to be drilled and potentials of close to 20 billion cubic feet (Bcf) of net undeveloped reserves on our leasehold, our prospective reserves could be worth substantially more than our original reserves report estimates, based on current NYMEX gas prices. Although we have had a delay on the Francis Grace #1 well, I am pleased with the progress so far, and I look forward to sharing additional drilling updates with our investors and shareholders in the coming months.
Headquartered in London, KY, Kentucky USA Energy, Inc. engages in the acquisition, exploration, and development of oil and natural gas resource properties, with a primary focus on New Albany shale gas in the Illinois Basin in western Kentucky. The Company is a growing independent energy company with the experience and technological expertise to develop its gas resources in the Illinois Basin’s New Albany Shale.
Corporate: Kentucky USA Energy, Inc. Steven Eversole, 606-878-5987
Source: Kentucky USA Energy, Inc.