The well is targeted to reach approximately 11,000ft. The geology is an oil bearing reservoir which has proven successful on a similar channel at West Lazy Creek and other fields located a few miles to the Southeast, the company said.
Shane Broesky, president of Lux Energy, said: “This Pike County lease has had a 3D seismic program completed and the interpretations mirror the West Lazy Creek field. The operator has indicated the potential for a possible 10 additional wells on this location.”
The company added that historic production statistics from nearby producing leases are in multiple millions of barrels of high gravity crude. These production locations include: West Lazy Creek, Little Creek, Mallalieu, Brookhaven, Smithdale and East Fork. This prolific production record provides a major incentive to explore and develop the similar geology at Pike County.
Mr Broesky added: “The agreement also provides Lux the opportunity to participate in the entire area and offers Lux an additional step-up option.”
