(Houston TX / 9th Aug 2019) – As of 6th of August, drilling commenced on the Paine #58 well within Raccoon Bend Field. The Paine #58 well is a development well being drilled to a total depth of 2850’ to gain structure and test multiple Miocene Sands which were present in the recently drilled Paine #57 well and proven productive in other areas of the field.
“From the outset our plan was to make the acquisition and begin development to enhance the value of the field. We have done just that. This kicks off a back to back drilling program with a string of other workovers and recompletions to activate old wells and bring new wells into production”, said Randall Eddington, an Executive Director and Founder of STORH.
Drilling of the well will continue into next week after which time we will evaluate the open hole with logging tools to determine the viability of the well. We remain extremely optimistic that the well will expose additional reserves and further upside for stakeholders.
STORH recently acquired 12% of the field and tokenized it for their investors. Producing approx. 800 barrels of oil per day along with associated natural gas, the Raccoon Bend Field has proven reserves of over 3 million barrels, 3P Reserves (Proven, Probable and Possible) of between 4.2- 4.5 million barrels and 25+ years of productive life. The field produces from more than 30 different intervals and is under constant development where reserves are continuously added.