Patriot Energy, Inc. announces drilling operations have begun on its Thoroughbred #1 in the eastern Permian Basin. The well is expected to reach a total depth of approximately 9,000 vertical feet in early October, according to field operations estimates.
Patriot Energy is extending its operations on a farmout lease that will ultimately encompass a total of at least 8 prospects, with the option to further drill out remaining acreage.
The Thoroughbred #1 is targeting multiple potential pay zones including the Strawn Lime, Cline shale, Cisco sands, Triple M Credo, Middle Wolfcamp and Albaugh.
"The beauty of Permian Basin wells is the opportunity for multiple pay zones," said Michael Miller, Patriot Energy Founder and President. "When you consider the prolific zones combined with a multiple stage vertical frac, wells of this nature offer attractive potential, even at today's oil prices. The economics are acceptable today, and we believe prices will eventually find their way back up to a more normal level," Miller said.
A Patriot Energy video of the Thoroughbred drilling operations is available here.
Patriot Energy, Inc. is a private, independent oil and gas company specializing in working interests and royalty interests for private accredited investors. Based in Dallas, Texas, Patriot Energy is engaged in the development of high-probability, lower risk onshore oil and gas properties.