The company said that the Koliba well experienced a temporary delay due to rains along the Guadalupe River and the operators have indicated that upon a sufficient dry-out period, they plan to immediately advance with installing the necessary equipment at the site.
The operator believes this can occur in the next few weeks or so, pending favorable weather forecasts. The permit obtained by the RRC will ensure all compliance is in place to prevent any further delay on the property, the company added.
The Koliba prospect is a 173-acre lease located in the highly productive North McFadden Field near Bloomington, Texas. The company has identified three target zones at 5880′, 5350′, and 4930′, in the Frio Sands.
The Koliba prospect will be drilled 250ft from a producing well and is considered a low risk / high reward prospect due to its proximity to previous wells in the prolific Frio interval. Koliba prospect’s total value is estimated at $39,885,000 based on $81Bbls of oil and $4.50Mcf of gas.
