Unbridled Energy provided an update on its Option Well, located at 16-21-41-11 W5M (“16-21”) in the gas and condensate Chambers/Ferrier area, northwest of Calgary. Openhole logging was performed, a production liner run, and cemented. The company experienced a considerable cost savings by drilling the well in shorter than expected time.
The 16-21 option well encountered many gas shows and formations in the basin-centered gas resource play. The Company and its joint venture partner plan to conduct completion operations and testing early next month.
Unbridled Energy is also in negotiations with an Appalachian Basin operator to partner on drilling multiple test wells before the end of December. It has been premeditated that Unbridled will be the designated operator and jointly design the drilling, completion and testing program in the Devonian shale.
Additionally, the company announced that it has signed a Letter of Intent with another operator in the area to purchase existing wells, acreage and pipeline access to sell gas. One of the existing wells on these lands is considered a re-entry candidate for the first horizontal well.
Unbridled Energy is in negotiations with several operators on joint venture opportunities in the Appalachian Basin to drill horizontal and infill wells. Two operators have expressed strong interest to team with Unbridled. The Company announced that it will keep shareholders updated as discussions progress.
Let us hear your thoughts: Unbridled Energy Message Board