The company also confirms that it has advanced $800,000 for this drilling program, representing the total drilling budget for the first well.
Initially, the company plans to drill two back to back wells from the 17 identified drilling targets on the New Miami property.
The first two targets, which have already been permitted, are considered to be low risk as they will be will be offset from two previous successfully drilled vertical wells.
This will be the first of two horizontal wells to be drilled on the property.
