Drilling activity on this new well began on November 17, 2014, after moving on site, the crew began drilling and was able to set 200 feet of 7 inch casing. On November 18, 2014, the well was cemented and given 24 hours to allow the cement time to properly set up. On November 20, 2014, the drilling crew resumed drilling and discovered oil at that time.
"This is such exciting news for First Colombia Gold and our shareholders," commented Jason Castenir, the company's Chief Executive Officer, "what a perfect way to mark the half-way point of our first drilling program."
On August 5, 2014, the company announced its intention to begin a ten well drilling program. This well is the fifth well of that ten well drilling program with each well successfully discovering oil. The company has stated that this oil strike is the best and biggest of all five wells. The company plans to put the well on pump later this week and will announce production rates at that time.
"Everyone in our company is just so excited," Mr. Castenir went on to say, "We have updated our social media outlets so that all of our shareholders can see for themselves just how impressive this oil strike is and why we are so optimistic about our upcoming production numbers. This particular oil find was very high quality crude with very minimal water content so we are really optimistic that this will be an impressive producing well for the company."
Shareholders can continue to monitor First Colombia Gold's drilling program on the company's social media outlets.