2. 36-11 - 2 of 12 intervals - 4.5mcf/d + 125bc/d - 2.7bcf ---------------- Greentown Project, Paradox Basin, UT, 70% WI ?The Company has completed a portion of the pay column in the Greentown State 32-42 and Greentown State 36-11 wells. The Greentown State 32-42 has been completed in 8 of 12 pay intervals, and production tested at a combined rate of 2.0 million cubic feet of gas per day (Mmcfg/d) and 500 barrels of condensate per day (Bc/d). Proved reserves attributable to the perforated zones in this well are estimated to approximate 5.8 billion cubic feet of gas equivalents (Bcfge). The Greentown State 36-11 has been completed in 2 of 12 pay intervals, and production tested at a combined rate of 4.5 Mmcfg/d and 125 Bc/d. The Company estimates that proved reserves attributable to the perforated zones in this well approximate 2.7 Bcfge. The remaining untested intervals have similar log characteristics. The wells are located 7.5 miles apart yet appear very analogous, with 1,077 and 906 feet of potentially productive clastics, respectively, over the 12 separate intervals. The Company owns 40,900 gross (28,600 net) acres in the Greentown Project and expects all of its acreage to be prospective. The Company is projecting that future wells will be drilled to an average depth of 9,800 feet, for expected costs of $3.0 to $3.5 million each. Initial expectations are that wells will be drilled on 80-acre spacing. Numerous well locations are being permitted and drilling activity should resume within the next 60 days.
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
