The first well is expected to be drilled during the last quarter of 2008. The well will be drilled to a depth of 13,900 feet to test the sands which are productive in other wells in the field.
Royalite has paid $163,625 for its portion of the leasing, geological and geophysical costs. The well is projected to cost $6.45 million to drill and complete with Royalite’s portion estimated at $1.77 million.
