We are going to move forward with this well in some of the up-hole play
Irving, TX (PRWEB) July 27, 2007
Giant Petroleum, Inc., a company that purchases and drills oil and natural gas reserves, today announces two successful completions and a planned re-completion in its current well-drilling program.
Giant Petroleum partnered with Hilltex Operating Company to develop a large acreage position in the Shackelford and Throckmorton counties of Texas. Today marks the completion of the first three of 20 planned wells in the prospect acreage.
The Hilltex Operating/Giant Petroleum #136-1 was completed in the Mississippi Reef formation. The well was tested at more than 600 MCFG/Day and is currently producing commercial natural gas from a gas cap on top of oil-bearing strata.
The Hilltex Operating/Giant Petroleum #137-1 was also completed in the Mississippian Reef formation. The well was tested at 125 BOPD and 300 MCFG/Day and is currently producing both sweet crude and natural gas.
"This well will be a nice, long-term producer for both Hilltex Operating and Giant Petroleum, Inc. and all partners involved,” said Chris Plunkett, President of Irving, Texas-based Giant Petroleum, Inc.
In addition to the two completed well-drilling locations, the Hilltex Operating/Giant Petroleum Miller #1 was drilled to test both the Mississippian Reef formation and Caddo Limestone formation. The well had multiple shows and logged well throughout several pay zones in the well bore. Initially, the well drilling was completed into the Mississippian Reef formation and did not work.
"We are going to move forward with this well in some of the up-hole play,” said Wes Harris, Chief Operations Officer of Giant Petroleum, Inc.
About Giant Petroleum, Inc.
Well-drilling company Giant Petroleum, Inc. was formed for the purpose of drilling high-return projects and acquiring undervalued, producing properties on behalf of the company and its investment partners. The company's primary goal is to purchase oil and natural gas reserves with long life potential at the lowest possible price. Giant Petroleum, Inc. attributes much of its success to applying advanced technologies to systematically explore and develop its oil and natural gas opportunities.
President and CEO
1320 Greenway Drive, Suite 560
Irving, TX 75038
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