Gulf Coast Western's CEO Matthew H. Fleeger has announced the successful testing of their highly anticipated exploration well in Gaines County, Texas. The well was drilled utilizing a proprietary seismic amplitude mapping methodology.
Drilling commenced on October 19, 2009 and was drilled to a total depth of 11,514 feet. Logging and testing confirm the presence of oil in as many as five reservoirs.
"The results of the first well are a bit of a milestone in our company. This is the first of 20 locations here in Gaines County that we have identified with the same parameters. We have secured a large acreage position and are very excited about our prospects here," stated Matthew H. Fleeger, Gulf Coast Western President. "This most recent success would not have been possible without the support of our partners."
Drilling has commenced on the second well in the field which is expected to reach total depth in early January 2010 and development will continue throughout the year.