· 54 net feet of oil and gas saturated sandstone within primary target
· Hydrocarbon shows encountered in additional intervals
· Rig moved to Paine #59 and Drilling
STORH is pleased to announce that the first well to be drilled, since acquisition, in the Raccoon Bend Field, the Paine #58, has reached its total depth of 2,850 feet (869 metres.) Mud log data collected while drilling, and electric logs run post drilling, indicate that our primary objectives between 2,300’-2,500’ contain 54 feet net (16+ metres) of oil and gas saturated sandstone upon preliminary review. The well also encountered a number of hydrocarbon shows in the other intervals within the wellbore, which may also be productive. Production casing has been set and cemented in the wellbore in preparation for completion.
The rig has moved on to the Paine #59 well, where drilling is underway and is expected to reach TD within the next few days.
“The logging and sidewall core sample results beat our expectations for the Paine #58,” said Ryan Messer, STORH’s CEO and Founder. “We are excited to see the development of the field unfold with expanded reserves and production in mind. Through prudent management, we will provide a stable long-life asset for the benefit of our stakeholders.”