Cunningham Energy LLC has announced plans today for two new shallow
horizontal oil wells to be drilled in Kanawha County, West Virginia. The
newly planned horizontal program will be drilled from the “Matterhorn”
pad, consisting of two initial wells surveyed with a specified measured
depth (“MD”) ranging from 6100’ to 6800’ plus feet and vertical depths
(“TVD”) of 2150’ plus feet.
Both “Matterhorn” horizontal wells are targeting oil in the Weir Sand
formation. Cunningham Energy also plans to utilize one of the company’s
three Speedstar 185 top drive drilling rigs in conjunction with these
new wells. Each well bore on the Matterhorn pad has been planned to be
completed with multiple frac stages with varying spacing dependent on
future wireline data.
“Cunningham Energy is looking forward to developing this promising new
shallow horizontal oil & gas play in West Virginia,” said Ryan
Cunningham, of Cunningham Energy. “Prior in house drilling data has
shown strong oil production potential and experts feel that the
potential of these shallow horizons is in the infancy of the game.
“The Weir Sand has shown exciting vertical logs in this area and it
holds tremendous potential horizontally. Economic conditions in our
industry point to lower cost production being the new normal and the
Weir Sand horizontal can possibly fit into that slot. The company sees
possible lifting costs of this new play to be advantageously low during
the first years of production.” Cunningham Energy is currently
completing the Lions Paw 4-Well Horizontal Program in Clay County, West
Virginia. The company anticipates spudding the first Matterhorn well by
Spring of 2016.
About Cunningham Energy LLC
Cunningham
Energy LLC is a private independent production and exploration
company based in Charleston, West Virginia. The company was formed in
2008 for the purpose of acquiring, exploring, and producing oil and gas
in the Appalachian, Illinois, and Williston Basins. Since inception,
Cunningham Energy has relied on past experience in parallel with the
application of new technologies to succeed in the ever changing field of
efficient energy production. Cunningham Energy is positioned to take
advantage of current and future trends in oil and natural gas production
throughout these basins with aggressive but responsible decisions in the
coming future.
Certain statements contained in this press release constitute
"forward-looking statements" as defined by the Securities and Exchange
Commission. Such statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"should," "up to," "approximately," "likely," or "anticipates" or the
negative thereof. These forward-looking statements are based on our
current expectations, assumptions, estimates and projections for the
future of our business and our industry and are not statements of
historical fact. Such forward-looking statements include, but are not
limited to, statements about our expectations regarding our financing,
our future operating results, our future capital expenditures, our
expansion and growth of operations and our future investments in and
acquisitions of oil and natural gas properties. We have based these
forward-looking statements on assumptions and analyses made in light of
our experience and our perception of historical trends, current
conditions, and expected future developments. However, you should be
aware that these forward-looking statements are only our predictions and
we cannot guarantee any such outcomes. Future events and actual results
may differ materially from the results set forth in or implied in the
forward-looking statements. The following factors, among others, could
cause actual results to differ from those set forth in the
forward-looking statements: general economic and business conditions;
exposure to market risks in our financial instruments; fluctuations in
worldwide prices and demand for oil and natural gas; fluctuations in the
levels of our oil and natural gas exploration and development
activities; our ability to find, acquire and develop oil and gas
properties, including the ability to develop the Matterhorn prospects;
risks associated with oil and natural gas exploration and development
activities; competition for raw materials and customers in the oil and
natural gas industry; technological changes and developments in the oil
and natural gas industry; legislative and regulatory uncertainties,
including proposed changes to federal tax law and climate change
legislation, and potential environmental liabilities; our ability to
continue as a going concern; and our ability to secure additional
capital to fund operations. Additional factors that may affect future
results are contained in our filings with the Securities and Exchange
Commission ("SEC") and are available at the SEC's web site http://www.sec.gov.
Cunningham Energy LLC disclaims any obligation to update and revise
statements contained in this press release based on new information or
otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160107005275/en/
Copyright Business Wire 2016
Source: Business Wire
(January 7, 2016 - 9:00 AM EST)
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