Source: Blacksands Petroleum, Inc.
Blacksands Petroleum, Inc. (OTCBB: BSPE.OB) (the "Company") has completed its first operated Permian Basin well (BVR Well No. 6-1) (the "Well") located in Borden County, Texas. The Well was previously drilled to a total vertical depth of 7970' in July 2011. The Company performed a 6-stage fracture stimulation completion program with perforations in the Spraberry and Wolfcamp formations. The Well is operated by NRG Assets Management, LLC ("NRG"), a wholly-owned subsidiary of the Company. The BVR well is the Company's first opportunity to evaluate the formations below the field pay (Jo Mill Spraberry) formation. The preliminary results are encouraging based on initial flow back rates. The Company plans to immediately drill two additional vertical wells in the field in order to continue to evaluate several deeper potential pay zones and the possibility of drilling horizontally in these pay zones. The Company plans to spud the next well within the next two weeks. Also, the Company has taken over operating the Everett Well No. 3 located in the field.
The Company currently has an undivided leasehold interest in 8,900 gross acres (approximately 5,050 net mineral acres) in the Permian Basin Field.
