Mesa Energy Holdings, Inc. Announces the Commencement of Drilling in the Mississippian Lime in Northwest Oklahoma
DALLAS--(BUSINESS WIRE)-- Mesa Energy Holdings, Inc. (the "Company")(OTCBB: MSEH), an oil and gas exploration and production company, announced today that it has commenced drilling of the Thomas Unit #6H in its Turkey Creek Project in Garfield County, Oklahoma. This horizontal well will be drilled to a total measured depth (TMD) of approximately 11,700 feet including a horizontal lateral of approximately 4,000 feet. The Company owns a 100% working interest in the well and, through its wholly-owned subsidiary, Mesa Midcontinent, LLC, is the operator.
Once the well is drilled to total depth (TD), the Company expects to run production casing and schedule a multi-stage frac. The Company also anticipates drilling a salt water disposal well on the same location that will serve multiple production wells. The Mississippian Limestone in the area of interest is at a vertical depth of approximately 7,200 feet and is approximately 500 feet thick. Potential reserves in the Mississippian have been reported to be in the range of 300,000 to 500,000 BOE per well.
The Mississippian Lime is an oil-rich carbonate play covering 6.5 million acres in Oklahoma and Kansas and has been developed with vertical wells for over 30 years. Several thousand vertical Mississippian wells have been drilled in northern Oklahoma and the nearby wells with current and past Mississippian production have provided the Company with a wealth of data. Companies operating in the Mississippian Lime play include Chesapeake, SandRidge, Devon and Range Resources. The Company currently holds leases or farm out agreements on approximately 3,400 net mineral acres in the play and is continuing to lease additional acreage and to pursue additional farm out agreements.
"We are excited to be kicking off our drilling program in the Mississippian Lime and look forward to expanding our drilling program and acreage position in 2013," said Randy M. Griffin, CEO of Mesa Energy Holdings, Inc. Mr. Griffin added, "We expect to begin preparations for the commencement of an additional horizontal drilling program in the Niobrara Shale in southeast Wyoming in 2013."
About Mesa Energy Holdings, Inc.
Headquartered in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented Exploration and Production (E&P) company with a definitive focus on growing reserves and net asset value per share, primarily through the acquisition and enhancement of high quality producing properties and the development of highly diversified developmental drilling opportunities. The company currently owns producing oil properties in Plaquemines and Lafourche Parishes in Louisiana as well as developmental properties in Garfield and Major Counties, OK and Wyoming County, NY.
More information about the Company may be found at http://mesaenergy.us.
Certain statements in this news release, which are not historical facts, are forward-looking statements. These statements are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those currently anticipated due to a number of factors which may be beyond the reasonable control of the Company, including, but not limited to, the Company's ability to locate and acquire suitable interests in oil and gas properties on terms acceptable to the Company, the availability and pricing of additional capital to finance operations and leasehold acquisitions, the ability of the Company to build and maintain a successful operations infrastructure, the intensity of competition and changes and volatility in energy prices. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in the filings of the Company with the U.S. Securities and Exchange Commission at www.sec.gov.
Mesa Energy Holdings, Inc.
KEYWORDS: United States North America Oklahoma Texas
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