What do you mean by "hit" oil in Colorado?
This is not a dig at you... I just want to know what else you expect?
This is straight from Austin's Website... Colorado Pathfinder (USA)
Austin Exploration is the first company ever to successfully drill through the highly fractured and problematic Pierre formation and drill a horizontal well into the Niobrara formation in the Florence Field.
Located in Florence, Colorado
AKK controls 85% of a 11,560 acre property
Primary Objective is the Niobrara Shale in the Denver-Julesburg (DJ) Basin and the Pierre shale
Secondary Objectives: Fort Hays, Greenhorn, Codell A & B
Independent reserve estimates of approximately 200,000 – 500,000 BO per horizontal well
Spacing allows for a minimum of 100 horizontal wells
Fairly contiguous acreage with a flat terrain
The Pathfinder C11-12 Hz No. 1 well successfully fracced with 16 frac stages over a 4100ft horizontal leg
Pathfinder No.1 Hz: flowing oil and gas naturally to the surface. On 13 March, over a 24 hour period, the well produced a total of 403 BOEPD (211 BO & 1,150,000 SCF of gas; gas-oil ratio (GOR) of 5476 scf/stb)
Pathfinder Hz well now in next phase of production testing with well on pump – expected to achieve consistent and steady production
Gas compression unit being evaluated as a short term solution to sell gas
Long-term, maximum profitability of the Pathfinder project will be achieved by laying gas lines and connecting in to the nearest major pipeline (approx 5 – 7.5 miles away)
Juan Carlos Carratu– VP and General Manager for Colorado
AKK Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
