The company will own 100% interest in the costs and revenue of the well until 150% of payout. After reaching 150% of payout, it will own 73.75% interest in the well, with Vantage Energy Green River (Nextraction Energy’s partner and operator of the project) owning 26.25%.
Mark Dolar, president of Nextraction Energy (US) said: “Our partner and operator of the project, Vantage Energy Green River (Vantage) has contracted a prominent rig in the area to drill the Noble 6-24 well, and is currently ahead of schedule in commencing operations. In addition to having an experienced operator in the region with Vantage as our partner, we also now have a top rig and crew and we are excited to get started with our operational developments.”
Nextraction Energy currently holds 2,551 acres in the Northern crest of the Pinedale Anticline in the gas producing Green River Basin region of Wyoming. The Noble 6-24 well will be commenced from a surface location in the Southeast Northwest of Sec 6 and be deviated nearly 3000 feet easterly to a subsurface location in the Southeast Northeast of Sec 6, T33N, R109W.
The well is approximately 800 metres south of the Shell Oil Company #16A-6D Stewart Point well that was completed in late 2009. Initial production rates for the #16A-6D has yet to be released to the public. Recent activity in the area during late 2009 has included drilling and completion by Shell of several wells on the adjoining land position to the south of the Nextraction-Vantage acreage.
