Silver Star to Spud Archer-Wildlands #1 Well at North Franklin
By ECON Investor Relations
June 20, 2005 |
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Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the Company is preparing to spud the "Archer-Wildlands #1" well at the North Franklin Project in the Sacramento Basin of California.
PR9.NET June 20, 2005 - LOS ANGELES, CA., - Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the Company is preparing to spud the "Archer-Wildlands #1" well at the North Franklin Project in the Sacramento Basin of California. This is the next gas well to be drilled under the overall development plan for the North Franklin Project. The well location is an offset to the "Archer-Whitney #1" well that has been in production since March 2005.
The drilling rig is currently being mobilized to the North Franklin site. After rig up, it is anticipated that drilling to the 8,000 foot depth should take 8-10 days following which, the well will be completed and tied in to the pipeline. Silver Star anticipates a spud date of the well to be on June 21 or 22.
Silver Star receives PGE-Citygate gas pricing from North Franklin production, which today is in the $6.30 per Mcf range. NYMEX natural gas futures have risen to between $7.00 and $8.88 for 2005-2006, giving Silver Star an indication of what future gas production revenue may be during the upcoming months. The Sacramento Basin is a major gas producing area located in northern California. In 2002, the region produced 81 billion cubic feet of gas from 83 fields and more than 1,000 producing wells. The North Franklin gas discovery and reservoir is a new gas field that Silver Star and partners are developing under the 2005 plan. Ultimately, 6 gas wells are to be drilled in the Winters formation plus the planned Deep F Zone (Forbes) test planned for Q4.
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 Silver Star to Spud Archer-Wildlands #1 Well at North Franklin
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