Does anyone have an idea what this is worth in terms of cash flow at today's Natural Gas prices?
Mr. Edward Davies of Bridge Resources reports
BRIDGE RESOURCES CORP. AND PARAMAX RESOURCES LTD. PROVIDE UPDATE ON IDAHO WELLS
Bridge Resources Corp. and Paramax Resources Ltd. have provided the following update on Idaho development activities.
Hamilton project
The second phase development program in the Hamilton area consisted of the successful drilling and completion of three follow-up wells: Tracy Trust 3-2; White 1-10; and Korn 1-22. These wells followed the initial discovery wells, the Espino 1-2 and State 1-17. Following completion of the wells, an extensive testing program had been undertaken that confirmed the presence of four separate gas-bearing zones. The Espino and Tracy Trust wells have all four zones developed whereas the other three wells have three zones. Evaluation of the wells, that included flow testing, pressure buildup tests and gas analyses, allows the companies to be in a position to begin operations for the commercial delivery of gas from the Hamilton area.
It is expected that these Hamilton area wells will be capable of delivering in excess of 5.0 million cubic feet per day into the nearby gas delivery system. The nearby pipeline infrastructure and low capital costs significantly enhance project economics. All wells have high shut-in pressures and the gas is of uniformly high quality with a British thermal unit range from 1,012 to 1,050. The five wells confirm a minimum gas-bearing area of 5,000 acres. Design of the gas gathering system has commenced.
Willow project
The first development well as a follow-up to the ML Investments 1-10 discovery is expected to commence drilling on or around Oct. 24 on receipt of final permits and agreements for three development wells. The well locations are based on new seismic data acquired and processed over Willow during the months of July and August. Access and drilling location preparation activities are under way.
The first development well, the ML 1-15, is 1.1 miles south of the ML 1-10 discovery. The second development well, the ML 1-14, is 0.8 mile southeast of the ML 1-15 and the third development well, the ML 1-13, is 1.1 miles due east of the ML 1-15. Several additional locations have been identified for continuing development.
Drilling and completion of the ML 1-15 are expected to take approximately 15 days.