Silver Tusk announces completed oil exploration well in Austin

Source:Silver Tusk Oil Company, LLC

Silver Tusk announces completed oil exploration well in Austin Silver Tusk Oil Company, LLC ("Silver Tusk") Managing Member, Paul Fenemore, is pleased to announce that the Willard Unit #1H well located in the Sand Lake Prospect, Burleson County, Texas has been completed in the Lower Austin Chalk. The well encountered encouraging oil and gas shows and good electric log evidence for the presence of fracturing along a significant portion of the horizontal wellbore. Approximately 4,500 feet of slotted liner has been run in the wellbore in preparation for testing and producing the well.

While conducting drilling operations in the Austin Chalk Silver Tusk was able to negotiate rights to the Buda Lime interval which lies approximately 200 feet below the base of the Austin Chalk in the area. The company has elected to drill a second horizontal leg (the Willard Unit #1H-2) as a stacked lateral from the same wellbore as the Willard Unit 1H horizontal. The Buda Lime is a significant producer in the northern part of the Giddings Field and numerous wells have tested oil at very impressive rates. It is of great significance to the prospect area that in February 2014 Buffco Production Company, Inc. tested the Kenjura #1H well at a rate of 624 barrels of oil per day on a 16/64" choke from a horizontal completion in the Buda Lime. This well is located less than 7 miles northeast of the prospect area. The test results achieved from the Kenjura #1H well demonstrate that the high productivity trend in the Buda Lime extends a significant distance southwest of the main Buda Lime producing area in the northeastern part of Burleson County. This significant new discovery backs up an earlier test in the Buda Lime and Austin Chalk intervals located less than a mile northeast of the prospect area carried out by Clayton Williams Energy, Inc. The Peek-Rosenthal Unit #1 well tested at a rate of 302 barrels of oil per day on a 48/64" choke from horizontal completions in the Buda Lime and Austin Chalk intervals.

Silver Tusk is currently conditioning the well and making preparations to drill out of the base of the Austin Chalk into the Eagle Ford Shale and Buda Lime intervals. The Buda Lime represents a very attractive additional target in the area and Silver Tusk is fortunate to have the opportunity to attempt a completion in this interval. The proposed horizontal leg in the Buda Lime is planned to be up to 3,500 feet in length. The actual length will depend on borehole conditions and geological/engineering factors. A completion in the Buda Lime will likely require that the interval is treated with an acid fracture stimulation to boost initial production rates. Upon achieving a successful completion in the Buda Lime the plan is to test and place the Buda Lime on production as soon as possible after completion of drilling operations. It is planned to test and place the Austin Chalk on production upon cessation of production from the Buda Lime or to dually complete it at the same time the Buda Lime is completed so that both intervals can be produced together.

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