Chestnut announces promising initial production rates in Texas

Source:Chestnut Exploration and Production, Inc.

Chestnut announces promising initial production rates in Texas Chestnut Exploration and Production, Inc., a Dallas-based independent oil and natural gas company, announced it has successfully completed the Cherokee #1 JV well in Cherokee County, Texas (Charlie Thompson No. 1) at a gross initial production rate of 918,000 cubic feet of natural gas and 14 barrels of condensate, or light petroleum crude oil, per day. In the first 24 hours of production, the well produced 1,063,000 cubic feet of natural gas and 28 barrels of condensate at 2,000 psi of wellhead pressure on a 20/64 inch choke.

Located in the White Oak Creek Field of the East Texas Basin, the Cherokee #1 is Chestnut’s first well drilled on the 10,250 gross acres in East and North Texas acquired by Chestnut Lease Fund I, LP in 2013. The well targeted the Pettet and Travis Peak formations and was drilled to a total vertical depth of 10,800 feet using Energy Drilling Co. Rig #2.

Mark Plummer, founder and chairman of Chestnut Exploration and Production, reported he was pleased by the promising gas shows the well encountered during drilling and the Halliburton electric log analysis of the formations that indicated additional pay over original expectations.

“Cherokee #1’s initial production and quality pay positively prove-up five additional Travis Peak wells to be drilled on this acreage block, and we are studying the possibility of drilling another four horizontal Pettet wells,” said Plummer. This well and this 650-acre block is a solid investment for Chestnut and our partners, and we couldn’t be more pleased with the outcome. Domestic natural gas projects like this are great for Chestnut and provide a reliable energy source for America.”

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