Dallas-based oil and gas company Patriot Energy said Tuesday it has begun drilling operations at its 440-acres Thoroughbred-1 prospect, in eastern Permian Basin, West Texas, Kallanish Energy understands.
The Thoroughbred-1 well targets multiple potential pay zones including the Strawn Lime, Cline shale, Cisco sands, Triple M Credo, Middle Wolfcamp and Albaugh. Drilling should be completed in three weeks, reaching roughly 9,000 vertical feet in early October.
Patriot Energy’s President, Michael Miller, believes the Permian Basin multiple pay zones wells “offer very attractive potential, even at today’s oil prices.”
“The economics are acceptable today, and we believe prices will eventually find their way back up to a more normal level,” added Miller.
The shale producer is currently extending its operations on a farm-out lease, which will encompass at least 8 prospects, with the option to further drill out remaining acreage.
According to Patriot, other wells near the farm-out lease “have successfully intersected layers of the Wolfcamp and Sprayberry formations, believed to be the two most prolific shale pay zones in the Permian Basin,” with an estimated reserve of 75 billion barrels of recoverable shale oil.
Holding assets in south and eastern Texas, Mississipi and Lousiana, the Permian Basin-focused driller is currently developing the Cole-1 and Sandhill-7 prospects, along with the Thoroughbred-1, Kallanish notes.
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