Oracle Energy Corp. has increased its interest in the Jonnell- Zamora # 1 well by an additional 27.09% by agreeing to pay 31% of costs to complete the re-entry. Oracle Energy now has a 45.84% interest in the Jonnell-Zamora #1 well.
The Jonnell Gas Company Zamora #1 was drilled in April of 1961 and was completed as a gas well from the 1st Hinnant sand. The top 10' of the 1st Hinnant Sand was perforated, and flowed at rates up to 4 mmcfg/d. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas.
Recent re-entry operations had succeeded in reaching a depth of approximately 7,800 feet with approximately 26 feet remaining until the first objective is reached, specifically the 1st Hinnant sand. Upcoming work includes a sidetrack of the well targeting the 1st Hinnant sand. The 2nd Hinnant sand is also an objective. The proposed total depth for the sidetrack is 8,450 feet.
Project operator Pan American Production Ltd. has notified Oracle Energy that it has contracted a completion rig for the new operations that are scheduled to commence June 2007.
Oracle Energy has an 18.75% interest in any additional wells to be drilled on the 640 acres oil and gas lease situated in Zapata County, Texas.
