First oil exploration well in possible 50 well prospect spud

Source:Crude Energy, LLC

First oil exploration well in possible 50 well prospect spud Crude Energy, LLC, an independent exploration and production company based in Dallas, Texas, announced that it has spud the Crude-Red Wolf #1 on March 20, 2014 in Sterling County, Texas. The Crude-Red Wolf #1 is the first vertical Wolfcamp A exploratory well in a possible 50 well prospect on Crude's leased acreage.

The Crude-Red Wolf #1 is a 9,100-foot test well targeting the Wolfcamp A at 7,900 11,000 feet. Secondary objectives include the Cisco, Canyon, Cline and Triple M formations.

Management anticipates the well will reach total depth in about 19 days. Well completion and testing should begin during the first week of May.

Crude Energy President Parker Hallam stated, "We have great sub-surface mapping to the Wolfcamp on our acreage and all of those surrounding logs show good porosity and permeability and we are very confident we will make a good Wolfcamp well with tremendous additional behind-the-pipe assets." Hallam added, "As with most areas in the Permian the stacked pay potential of these wells makes for a tremendous long term producing asset for us and our investing partners."

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