Business
Austin and Montello announce completion plans for the Morgan Highpoint project
TSX Venture: AUL VANCOUVER, May 8 /CNW/ - Austin Developments Corp. (TSX Venture Exchange Symbol ...
About this update from Pantera Silver Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture: AUL\n\n\nVANCOUVER, May 8 /CNW/ - Austin Developments Corp. (TSX Venture Exchange\nSymbol "AUL") ("Austin") has been informed by Montello Resources Ltd.\n("Montello") as operator of the Morgan Highpoint Project that after resolving\na number of common operational start-up issues an extended production test on\nthe Morgan Highpoint No. 3 Well has now been conducted.\n\n\nIn less than 10 full days of production Montello has recovered in excess\nof 800 barrels of light sweet high gravity oil from its 6.25 inch well bore.\nAfter analyzing the logs, including the Weatherford Fracture Imaging Log that\nwas run on the Morgan Highpoint No. 5 Well and geological data recently\nobtained from its 5 wells, along with the extended production test, Montello\nhas now confirmed the presence of an extensive fracture network which explains\nwhy the daily production rate in the Morgan Highpoint No. 3 Well has sharply\ndeclined to approximately 15 barrels of oil per day which mirrors the decline\nrates recorded on other wells drilled to a similar depth in the southern\nportion of the Appalachians. Montello after conferring with a number of\nservice companies specializing in unique completion techniques has obtained\napproval from its JV partners to proceed with a completion program that has\nbeen designed with the goal to exponentially increase daily production rates\nas well as significantly improve the ultimate recovery rates that are\ntypically achieved from wells in the area. For competitive reasons Montello\nand its partners will not be disclosing how the wells will be completed.\nLogistics are being finalized to mobilize specialized equipment from Canada\nand the United States to perform the contemplated completion programs which\nare anticipated to commence within the next four to six weeks.\n\n\nThe JV partners are pleased to announce that plans are also underway to\nfinalize the surface location from which the Morgan Highpoint No. 6 Well will\nbe drilled. Montello and its partners now have approximately 1,500 acres of\nland tied up. Without acquiring any additional mineral leases, if the\nscheduled completion programs are as successful as contemplated Montello and\nits partners are positioned to conduct a multi-well drilling program\nconsisting of over 20 shallow oil wells and 2 additional...