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Freedom Preps to Drill Two Eagle Ford Wells in Dimmit County
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Freedom has tapped Patterson-UTI Drilling Company for the drilling of two wells in the Eagle Ford Shale. These wells will be drilled in Dimmit County in south Texas.
The Patterson rig is currently drilling approximately 50 miles from the Company's acreage and is expected to mobilize to the first Freedom drilling location in April.
Freedom estimates that its initial well cost of approximately $5 million should decline to around $4 million per well once a full development program is underway. The Company's current 8,000- acre position is expected to reach 10,000 acres when several new leases are acquired in the next few weeks. Freedom has a 100 percent working interest in its acreage and has acquired it at a cost of approximately $1,000 per acre. Its acreage is contiguous and it can drill…
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