News Release Wind River Energy Corp Signs Drilling Contract for Second Well at Phat City Project, Montana
February 17, 2012 Wind River Energy Corp. has completed certain engineering and geological studies, and has reached agreement with Capstar Drilling for the drilling of the next well on Wind River's 56,785-acre Phat City oil project. The drilling rig is scheduled to begin drilling during the week of March 19. The well is designed to test two benches of the Nisku formation, and will also be configured to test the Bakken/Three Forks formation at a later date.
Wind River and its project partner, Hunter Energy, have been studying new information developed from the results of the first Phat City well and new seismic data acquired on the Phat City project. The second well location and design were developed with the benefit of this analysis, and are targeting oil accumulations in both the Nisku and Bakken/Three Forks formations.
"In our first well, we found oil in place for 70 feet of Bakken/Three Forks and 14 feet of upper Nisku, proving that oil is present, and present in quantities that were quantified by the subsequent third party 51-101 [National Instrument 51-101] resource reserve report. We are excited about this second well, which has been designed with the benefit of the knowledge provided from the first well. We expect this well to be a key one as we continue to develop the Phat City project into a multipay oil field," said Alan O'Hare, chief executive officer of Wind River.
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