28 May 2007 - 13:07
  • News Code: 105773

Morgan Creek Energy Corp. has reached a contract agreement with veteran drilling company Ringo Drilling of West Texas for the drilling contract on its well site in Mclennan County in central Texas. The Company has also set a spud date for this well of June 4, 2007.

The Mclennan County well site is located about one and a half miles north of Waco in an area formation known as the Ouachita (Wash-A-Taw), a trend that has significant indications of bearing prolific natural gas zones.

 

Ringo Drilling is a long time participant in the west Texas oil and gas industry, with a 29-year history of drilling generalized and specialized oil and gas projects. The company has a strong technical staff with highly specialized skills and a thorough knowledge of the local regional oil and gas trends.

 

Morgan Creek"s management is in the process of reviewing all details of the well design and finalizing any anticipated issues in drilling the overthrust section. The Mclennan County well will be a standard vertical well drilled to a scheduled depth of approximately 3800 to 4200 feet.

 

The shallow depth of the well should allow Ringo Drilling to reach depth in about one week"s time from the scheduled spud date. This relatively quick drill-to-completion time frame will allow Morgan Creek Energy to assess data and determine the wells" value in a very short time period.

 

Morgan Creek Energy controls an area of approximately 2000 gross acres in the area designated for drilling. Management estimates that there is room for at least 40, and possibly as many as 50 additional wells, based on required spacing in this region.

 

PIN/Oilonline.Com

News Code 105773

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