Both recently drilled horizontal wells producing
Denver/Heidelberg. Tekton Energy (www.tektonenergy.com) reported today that it leased an additional 1.900 acres, boosting Tekton´s total acreage position in the prospective north-western part of the Wattenberg field to approximately 4.200 acres. The new leases are located north of Tekton’s Windsor project area. Tekton acquired this acreage through its area of mutual interest with Extraction Oil and Gas. The two companies were successful bidders for 3.800 acres in March. Under an agreement signed earlier this year, each company takes on half of new leases.
In addition, both Horizontal wells Tekton drilled in March are now producing. The second well was fraced last weekend and started flowing from Sunday on. The first two wells are part of Tekton’s overall plan to develop the full potential of its acreage. Tekton expects to drill up to 80 gross/60 net horizontal wells on its leases. As of today, over 60 of these wells have been permitted through State and local authorities. Comparable horizontal wells are reported to define reserves of 325,000 to 350,000 Barrels of Oil Equivalent each.
Heidelberg, 3 May 2013