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Pegasi Energy Resources Corp. has reported an update on the Huntington #4 well in Marion County, Texas.
Drilling reached a final depth of 9,300 ft. Production casing of 4 1/2" was set and cemented at 9,300 ft and the drilling rig released on October 27th, 2014. Analysis of the well log identified in excess of 175' of gross pay over multiple Cotton Valley and Travis Peak zones.
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.