Business
Austin Announces Potential Gas Discovery In Morgan Highpoint "John Bowen" No. 2 Well
TSX Venture: AUL VANCOUVER, May 6 /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 6 /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 the analysis and\ninterpretation work has now been finished with respect to the cased hole logs\nthat were recently run by Schlumberger on the John Bowen No. 1 and Morgan\nHighpoint "John Bowen" No. 2 Wells.\n\n\nThe Morgan Highpoint "John Bowen' No. 2 logs confirm that there is a\npotential gas zone at 8,275 feet in the Rome formation that has approximately\n17 feet of interpreted net pay. This potential gas zone has never been\nproduced in the State of Tennessee as no wells have been cased for production\nto this depth in Tennessee prior to the drilling of the John Bowen No.2 Well.\nThe logs on Morgan Highpoint "John Bowen' No. 2 Well confirm the presence of\ngas which is consistent with what was seen in samples as well as what was\nrecorded on the gas detector at the 8,275 foot level when the well was\ndrilling. Although it is premature to say what kind of reserves there may be\nattributable to the John Bowen No. 2 Well or what production rates may be\nachieved, it is anticipated that there may be significant pressures and flow\nrates encountered based upon how deep the zone is. Montello is preparing a\ncompletion program for the JV Partners to approve that includes perforating\nthe potential gas bearing zone of interest and then stimulating it, depending\non the flow rates achieved. Preliminary discussions have been held with field\npersonnel with respect to delivering gas from the John Bowen No.2 Well into\nSpectra's East Tennessee pipeline system that is located approximately 1 mile\naway from the John Bowen No.2 Well. Montello has been informed that there is\nsignificant excess capacity available and that the pipeline is part of the\nmain gas transmission system that runs across the United States. Completion\nwork on the oil zone identified on the logs in the John Bowen No. 2 Well,\nwhich is the same zone from which the Morgan Highpoint No. 3 Discovery Well is\ncurrently producing, will be addressed after the completion work is conducted\non the deep potential gas bearing zone at 8,275 feet.\n\n\nThe cased hole logs (recently completed by S...