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New Ellis wells spud

Posted: 30 November 2005

Two wells in Ellis County in which Antares Energy has non-operated interests were spudded over the weekend ended 27 November 2005.

The first well, Kelln Trust 5-1, in Section 5 is operated by Mewbourne and Antares has a working interest of 35 per cent. In line with stated strategy Antares has farmed down its interest in this section from 70 per cent to around 35 per cent in order to test the western edge of its acreage position with reduced financial exposure. In a success case this would increase the value of the surrounding acreage held by Antares. The well is targeted to reach the Morrow formation and will also log the overlying Tonkawa, Des Moines and Cleveland formations.

The second well, in section 12, is operated by Unit Drilling. Antares only holds around 1 per cent working interest (6 acres) in this well. The interest is deliberately minimal, but entitles Antares to all data from the well which is important in determining the value of Antares Ellis acreage.

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