Initial drilling in Windsor/Wattenberg area will start within the next few days
Denver/Heidelberg. Tekton Energy today announced that they have secured all necessary permits and have made appropriate contractual arrangements to launch their initial drilling program. In the next few weeks, a total of six wells will be drilled from two drilling pads on the northwestern edge of the Wattenberg Field. Each well will be drilled in approximately six days with completion activities occuring shortly thereafter. Tekton plans to target both the Codell and Niobrara formations, which are both productive in the area. First production is expected in April 2012.
These first six wells begin the process of evaluating , optimizing and developing Tekton’s acreage. Tekton is aiming at drilling approximately 17 vertical wells over the next 12 months in order to prove the economics of the field and finalize its full field development plan. Overall 100 vertical wells could be drilled or a smaller number of vertical wells plus numerous horizontal wells in the rapidly developing Niobrara and Codell oil trends. Anadarko Petroleum, one of the largest acreage holders in the area, announced in November 2011 that they have sucessfully drilled several horizontal wells with superior economics.
Tekton’s Chief Executive Officer, Mr. Jerry Sommer, commented, “ We’re very excited to launch our Windsor drilling campaign. If you’re in the oil business, this is what you work for – drilling wells and creating value.”
Deutsche Rohstoff’s Chief Executive Officer, Titus Gebel, concluded, “The Wattenberg field has recently attracted enormous attention in the US, due to the new success of operators in both the Niobrara and Codell formations. Thanks to the prudent groundwork of Tekton’s management, we had the possibility to step in early. Developing the Windsor project is one of Deutsche Rohstoff’s top priorities in 2012. “
Heidelberg, 1 February 2012