OSE Corp. – Drilling commences on Texas oil prospectadmin
OSE Corp. announce that drilling has commenced on the initial test well on its Scurry County prospect area lands, located in Scurry County, Texas. OSE Texas Corp., a 100% owned subsidiary of OSE Corp., has acquired the rights to participate, to a 5% working interest (3.75% net revenue interest), in the exploration and development of the 2,400 gross acre prospect area.
OSE Texas is participating in this initial well to a non-operated 5% working interest, funding 6.67% of the costs to casing point, and 5% of the costs thereafter, should the well be completed. The well is targeting the first of five to seven structural targets indicated on 3-D seismic within the prospect area, and is testing a Strawn-formation target at approximately 2,400m depth subsurface. By participating in this initial test well, OSE Texas will retain its participation rights within the prospect area.
OSE will provide an update when the well has reached total depth and results of testing and logging are available.