Exploration & Production | Drilling & Completions
Mondial Plans High Volume Frac for Well Targeting Bone Spring, Wolfcamp
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Mondial Ventures Inc. has signed a Letter of Intent with Ben J. Taylor, Inc. to employ a high volume staged frac in Ward County, Texas.
The LOI calls for the Company to join with Taylor in the development of the Third Bone Springs and Wolfcamp formations in the University 18-19A "No. 1" well at approximately 11,000 foot depth, located in Ward County, Texas. Mondial and Taylor plan to employ a high volume staged frac technique to develop the known proven reserves in the two formations. Apache and EOG Resources, Inc. have offsetting wells which have been very prolific in these zones.
The program will require the Company to raise an estimated $1.2 million for Capital Expenditures related to the program. The program would allow for the initial finance for the program to be recaptured out of 100% of working interest revenues before a future ongoing 50/50 split, based on approximately 75% net revenue interests. The Definitive Agreement is subject to due diligence and rig availability. The Company expects to start field operations within 90 to 120 days.
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