TOW CREEK (Comet Ridge 37.5% and Operator)As of report time...

TOW CREEK (Comet Ridge 37.5% and Operator)
As of report time (3pm, 5 February Denver time – 7am, 6 February Perth time) the
Diamondback Energy completion rig was still attempting to recover part of the work
string that is stuck in the hole at 5,317 feet. Some progress was made over the
weekend so the recovery attempts will continue for another two days.
Oil and gas continue to be produced in the circulating mud stream. This and the
presence of extensive fracturing in the main reservoir horizons (the first and second
benches of the Niobrara Formation) provide significant incentive to continued attempts to
complete the well.
Should the fishing attempts prove unsuccessful; the well will be temporarily suspended
until a drilling rig can be brought in to complete the fishing job or to sidetrack the well.
BEAR RIVER (Comet Ridge 33.75% and Operator)
The Peltier 11-12 well reached a total depth of 6,700 feet on 31 January. The well was
drilled under budget and faster than projected. A 5 ½ inch production liner was
successfully run to total depth, with 700 feet of perforated pipe being set across three
reservoir intervals (the first, second and third benches of the Niobrara Formation).
Preliminary interpretation of the drilling parameters, geological samples and the electric
line logs, including a specialised imaging tool, concluded that the all three reservoir
targets, the first, second and third “benches” of the Niobrara Formation are fractured (the
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fractures provide the flow path and storage mechanism in these reservoirs). Oil and gas
shows, including an incidence of free oil in the mud pit, were observed throughout all
three objectives.
Cyclone Rig 16 was released from the Peltier 11-12 on 4 February, 2007.
The well will be completed for testing/production with the Diamondback Energy rig
currently on the CVU 31-4 well. The completion simply entails running an electric
submersible pump to TD and installing temporary power and production facilities.