HENDERSONVILLE, Tenn., Jan. 23, 2018 /PRNewswire-iReach/
Hornet Corporation, an oil and gas exploration, development and production firm based here, announced today it has acquired the Ferguson Brothers oil and gas lease in Clinton County, Kentucky, and plans an aggressive drilling program on the lease that is the site of a well that produced 150,000 barrels in eight weeks.
"With the acquisition of the Ferguson Brothers lease in Kentucky and our recently acquired Brown lease in Tennessee, Hornet now owns and operates what are considered the two most productive oil and gas leases in the two states," said G.A. Murrell, President, Hornet Corporation.
In 1990, when a 3 barrel a day vertical well on the Ferguson lease was deepened 28 feet to 1,008 ft. in the fractured Middle Ordovician Stones River, it began flowing oil with an estimated IP of 3,500 barrels per day. With no production tanks in place, the well flowed directly into transport trucks, with as many as five serving the well.
"The Ferguson lease has several producing zones including the Stones River, Wells Creek and the Knox," explained Murrell. "Several successful wells were drilled on the lease. This lease is similar to our recently acquired Brown lease in Tennessee, both with great potential for more successful wells."
"One of the wells on the Brown lease was drilled to a total depth of 1557 feet in 1994 and made more than 274,000 barrels of oil, with a value in excess of $13 million in today's oil prices," Murrell continued, "and it did not even penetrate Middle Ordovician Murfreesboro and Wells Creek formations, nor the lower Knox Dolomite, which have been producing formations in this area."
"The Ferguson Brothers lease has these same oil-bearing formations and neither lease has been fully explored and developed," he added. "We have an aggressive drilling program scheduled for both the Ferguson and the Brown leases in 2018."
"These are both large leases with many remaining excellent drilling locations, and we are evaluating several that we feel will allow us to explore these additional formations. We have every reason to believe many will be as good, or better, than our recently drilled Brown #1," Murrell concluded.
"The combination of $62 per barrel crude oil price and these highly-productive leases will allow Hornet to pursue a very aggressive and successful drilling program in 2018. We believe we can build on our past success and bring in more profitable oil wells this year," he added.
Murrell and Hornet Corporation earned national attention when Murrell received the 2014 Oil Boom Maker Award from the Tennessee Oil & Gas Association. "We believe that 2018 can be a great year for the oil business in Kentucky and Tennessee. We plan to do everything we can to lead this expected drilling boom."
"Once again, we will complete for the coveted "Boom Maker" award with several new productive wells on our two new leases." Murrell predicted.
Media Contact: William Goodwin, W.D.Goowin, Inc, 6159440832, wdgoodwin70@gmail.com
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SOURCE Hornet Corporation