Sun River Energy Inc. (OTCBB: SNRV) has turned the Neal Heirs # 1 well to production.
The Neal Heirs # 1 well is drilled vertically to a total depth of 11,057 feet in Panola County, Texas. The well is completed in the Haynesville Shale geological formation at 10,214' to 10,716'. The well is located within the prolific Carthage Field.
The well initially shut-in at 5,386 PSI tubing pressure after fracture treatment. Presently, the well is producing both natural gas and crude. The well is flowing at 2,256 Mcf/d a day with a constant flowing tubing pressure of 3,320 PSI.
Sun River Operating Inc. operates the well.
"It is always a relief to have your first well in a project come on like the Neal Heirs #1," said Donal R. Schmidt, Jr., chief executive officer and president. "The well exceeded our team's initial expectation in every way. We are presently preparing to drill two more wells in adjoining gas units and expect similar results. The Neal Heirs #1 confirms my belief that our team has what it takes to consistently develop deep unconventional gas at an attractive cost. Our preliminary estimate is that the net finding and development cost per MCFE of proved gas in this well will be around $1.24. This will place us at the top of low cost producers in our sector of the natural gas market."
Sun River Energy, Inc. owns a 77.5% working interest in the well.
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