Kevin Boyles, president and CEO of Team Resources and managing general partner of the Grand Summit Fund, said that the Bartlesville formation discovered at this location proved to find a new field discovery.
Mr Boyles added: “The closest Bartlesville production is 8 miles away, making this a rare find.”
The company said that it has drilled the Sontag #1 well reaching total depth in March 2010. The production casing was set after positive tests for hydrocarbons in the Bartlesville, Cleveland, and Layton formations were obtained.
Completion of the Sontag #1 well is underway, with production expected in August 2010.
California-based Team Resources’ current development acreage is located in southeastern Kansas, with field offices in Yates Center and Burden, Kansas. The company owns 50% of BC Management Services, the company’s Kansas Production, Operating and Service Company.
