The company has identified three target zones at 5,880′, 5,350′ and 4,930′ in the Frio Sands. The Koliba prospect will be drilled 250ft from an originally large producing well and is considered a low risk/high reward prospect due to its proximity to previous wells in the Frio interval.
Steven Weldon, chairman and CEO of Signature Exploration and Production, said: “We have completed the road work to the Koliba prospect drilling site and materials are being hauled in to finish the location pad this week. This is great news for our company, as we expect to begin drilling by the end of April.”
Signature Exploration and Production owns a 15% working interest in the Koliba prospect, which amounts to approximately $5.8m in estimated oil and gas reserves.
