It seems there was some fire:
Boyd Energy Corporation Announces Results of the Jones #1
Arlington, TX—(BUSINESS WIRE)—June 21, 1999—Boyd Energy Corporation (the
"Company") (OTC BB: BECO) announced this morning that the Jones #1 in
Caldwell County, Kentucky, has been determined a "non-commercial" well.
While natural gas was encountered in the Devonian Black Shale, the
quantity
was not sufficient for completing the well for the purpose of selling
natural
gas. President of the Company, Boyd Branch, stated, "We didn't drill a
dry
hole; we drilled a non-commercial well. Our original plan was to complete
wells that would produce a minimum of 50,000 cf (cubic feet) per day and,
ideally 100,000 cf per day to meet our economic goals. The Jones #1
cannot
do that even though there is natural gas present in the well. "
"We have learned a lot from this well," Boyd Branch reported. "The
structure
here is 1,900 feet high to the control well, the WW Stephens #1 and the
hardest rock we have ever encountered. After drilling to 2,940 feet, we
realized we were in a archeological anomaly known as a fold over. At some
point in the geological history of the formation of this area of Kentucky
it
appears that possibly the plates shifted to the point of creating a
lapping
effect, a fold over." He continued, "We drilled through compressed rock
which is why it was so hard and took so long to drill short distances."
Future plans were explained by Mr. Branch as, "Boyd Energy Corporation
will
now direct their drilling program away from this area of the prospect
moving
east to drill our second location. We have found gas, just not in
commercial
quantities and we expect to continue to drill until we do find what we
know
is here." Prior to beginning the next drill, the company plans to shoot
some
additional seismic to help delineate exactly where the fold over ends and
will switch from a compressed air rig to a mud rig for the second drill.
As soon as the second location is determined, the Company plans to
continue
to aggressively drill their 4,200 Kentucky prospect.
Boyd Energy Corporation is an independent oil and gas exploration and
development company located at 1000 Ballpark Way, Suite 210,Arlington, TX
76011, Tel: 817-469-8118, Fax: 817-460-5215 or visit our website at
www.boydenergy.com. |
