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Pegasi Energy Resources Corp. announced the spudding of The Huntington #4 well in Marion County, Texas.
At 4pm on October 6th drilling had reached a depth of 1,714 ft.
The Huntington #4 well is the first in a planned program of ten wells to develop the Travis Peak and Cotton Valley gas/condensate and oil bearing formations at depths of up to 9,200 ft. Both vertical and horizontal wells are planned in the program to develop oil and gas resources on Pegasi's acreage in Marion County.
Pacific World Energy (PWE) is financing the drilling program. Under the terms of PWE's existing participation agreement with the Company, PWE pays the full cost of drilling and completing the wells in the drilling program to earn a working interest in each well.