Dallas, TX, October 03, 2014 --(PR.com
)-- Dallas-based Gulf Coast Western, LLC announced today it has completed the drilling of its initial horizontal well in the Buda Limestone formation in Wilson County, Texas. The GCW No. 1H well experienced substantial oil flow during drilling, at rates as high as 2860 BOPD, until the well reached total measured depth of 10,071 feet. Over an eight day drilling period, the well produced over 14,000 BO and was production tested on September 13, 2014 at a rate of 609 BOPD on a 16/64 choke. The GCW No. 1H well is the first of a multi-well drilling program planned for more than 3,500 acres the company has under lease in the revitalized Buda Limestone Formation, which is located just below the Eagle Ford Shale Formation and just south of the area considered to be the most prolific of the Eagle Ford productive trend. Gulf Coast Western began securing the Wilson County acreage late last year and continues to acquire acreage in areas they have identified as having the best production potential, with plans to develop the acreage over the next 12 months.
“This is a very promising start to our horizontal drilling program in this area,” said Gulf Coast Western CEO Matthew H. Fleeger. “The Buda Limestone Formation has shown promising results from horizontal drilling and we are very fortunate to have experienced these impressive initial results from our first well. The well-established production characteristics and natural fracturing of the Buda Limestone make it an optimal formation for cost-efficient horizontal exploitation, and we hope that these results will translate into confirmation of long term production viability. Drilling on our second horizontal well is underway and drilling on our third location will commence in early October, with plans to continue development of our acreage through the 4th quarter. Future locations will be decided by our technical team, which is monitoring activity and results in the area and selecting the best drilling locations for our Buda development program.”
Gulf Coast Western maintains a strategy focused on acquiring interests in prospects and properties that have excellent geological and geophysical attributes in well-developed structures, which provide significant return potential with quantified downside risk for our participating partners.
About Gulf Coast Western
Gulf Coast Western, a Dallas-based company founded in 1970, is focused on the exploration, development, and acquisition of domestic oil and gas reserves in the Gulf Coast region, and has activities in Texas, Louisiana, Mississippi, Oklahoma, and Colorado. Gulf Coast Western serves as the Managing Venturer of Oil & Gas General Partnerships otherwise known as Joint Ventures. For more information, visit www.gulfcoastwestern.com.