Pantera Petroleum achieves target zone depthadmin
Pantera Petroleum, Inc has recently told the press that its Sibley 84 #1 re-entry well drilling has achieved its target depth for the objective of commencing commercial gas production from the Devonian and Fusselman target pay zones. We plan to have Gray Wireline now log the well, and the new data will be correlated with the well’s historical data to determine the exact proper depths to be perforated to resume production. The objective is to test pressure and potential flow rates at that time.
Located on 1280 acres in the prolific West Gomez Field in Texas, the Block 83 84 Project JV (“Block 83 84″) consists of two re-entry wells, the Sibley 84 #1 and Gulf-Baker 83 #1, and one infill, shallow depth oil drill, the Sibley 84 #2. Upon completion of the Sibley 84 #1, the Company intends to re-enter a second well, the Gulf-Baker 83 #1. The infill drill, the Sibley 84 #2, is a shallow oil drill of roughly 4000 feet that should be drilled soon thereafter. The primary pay zone objectives of Block 83 84 are the Ellenberger, Fusselman, Devonian, Upper and Lower Wolfcamp, Atoka and Yates 7 Rivers sands. The West Gomez Field has produced in excess of 5 TCF of natural gas over the past 40 years, and wells in this field have produced or booked remarkable reserves out of these horizon intervals.
Chris Metcalf, Pantera Petroleum’s CEO, states that We are very pleased that the Sibley 84# 1 has achieved target depth for the pay zones, and we are looking forward to placing the Sibley 84 #1 into production. This step is a great achievement for our company and our shareholders, and we intend to keep working hard to build the company and move forward.