Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.
Voyager purchased a 50% working interest in the approximately 48,000 acre block for $7.5m and will participate on a heads-up basis on all wells drilled, as well as participate for its proportionate working interest in all additional acreage acquired in an area of mutual interest consisting of all of Weld and Laramie Counties.
The company will fund the purchase price and initial drilling commitments out of cash on hand and cash flows from current production. Voyager remains fully funded through 2010 with no debt and approximately $12.5m of cash on hand, the company said.
