to start drilling soon?, page-5

welcome brettdale,
l noticed your post states 'hold stock' so am assuming you have done some research.

This article comes from proactive investors - australian division

Am excited to finally see some potential outcomes after holding for awhile

Also of interest is the credentials of the management in the company, gives a little confidence.

cheers,
mb

Burleson Energy secures rig to drill horizontal section for Texas well
Thursday, August 16, 2012 by Bevis Yeo
Burleson Energy (ASX: BUR) has contracted a rig to drill and complete the horizontal section of its Truchard-2H horizontal well in Texas, which had intersected thicker hydrocarbon pay than at previous wells.

The Nabors 456 rig is currently being used to drill a well for another company and on a trouble free basis is expected to have completed that work and be on the well site within two weeks.

Operator AKG Energy was able to negotiate favourable mobilisation and day rates due to the high availability of rigs suitable to drill the 700 metre horizontal section.

Wireline logging indicated that Truchard-2H had encountered 36 metres of hydrocarbon bearing sands after its reaching its planned total depth of about 3500 metres.

Besides confirming its potential to be a substantial producer of oil and gas, the logging also found the lower Prairie Bell 1 Sand reservoir unit to be thicker and of better quality in this well than in Burleson’s previous 3 wells in the field.

Following drilling of the horizontal section, a six stage fracture stimulation will be carried out and the well brought on production to generate gas and condensate sales.

The multi-staged gas-condensate Truchard-2H well targets 7 billion cubic feet of gas as well as 200,000 barrels of condensate.

Independent analysis by Integrated Petroleum Consultants had indicated that this production at current commodity prices would deliver total revenue of U$53 million (A$54.3 million) over the expected 10 year term of the well’s life.

Burleson has a 50% working interest in the Truchard Unit and a 38.33% interest in Truchard-2H after two recent farmout deals.

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