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Zodiac Exploration Sets Production Casing in 4-9 Well in Kings County, California
Mar. 21, 2011 (Filing Services Canada) -- Zodiac Exploration Inc. (ZEX - TSX Venture), ("Zodiac...
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[{"type":"text","content":"\nZodiac Exploration Sets Production Casing in 4-9 Well in Kings County, California\n\n Mar. 21, 2011 (Filing Services Canada) -- Zodiac Exploration Inc. (ZEX - TSX Venture), (\"Zodiac\" or the \"Company\")announced today that its first evaluation well (the \"4-9 well\") on the Jaguar prospect in Kings County, California, has reached a total depth of 14,961 feet in the Kreyenhagen Formation and a 7 inch production liner has been set from 12,948 feet to 14,950 feet. Murray Rodgers, President & CEO, commented, \"I am extremely pleased with our results to date, all of the Company's expectations have been met.  We have logged over 1,000 feet of potential pay despite having stopped drilling within a potential reservoir. We observed high gas readings, oil fluorescence in drill cuttings, and natural fractures with live oil in core, in the Allison/Whepley, Vaqueros, and Tumey/Kreyenhagen Formations.  These observations occurred despite mud weights which exceeded on average 15.2 pounds per gallon.  Continuous background gas readings of approximately 50 units with gas readings of up to 1400 units were recorded on mud logs over this entire interval with gas shows having compositions of C1-C5 which is characteristic of an oil charged system. It is Zodiac's view that we are rapidly moving towards proving up a major light oil accumulation. Further confirmation is required, with the next step in this process being the upcoming testing program for the 4-9 well which is expected to provide us with valuable reservoir data that will assist the Company in optimizing its completion strategy for future wells. On the operations front our team overcame exceptionally wet weather and early start up mechanical issues that could not have been foreseen, to achieve a very high level of operational performance which enabled Zodiac to far exceed its original expectations in terms of the amount of core that could be collected. While these factors led to an overall increase in drilling costs of approximately 30% (originally estimated to be approximately $11.5 million), the additional data collected are invaluable.  These technical and operational results are significant accomplishments for Zodiac.\" The 4-9 well, which was spud on December 25, 2010, is the first deep test in the Kettleman City area in the last 25 years and...