FORT WORTH, Texas--(BUSINESS WIRE)--Circle Star Energy Corp. (OTCBB: CRCL) announced today that, through their continuing financing commitment, they’ve received funds to move forward with their second well, the Lynd 36-2, in Trego County, Kansas. Drilling operations for the Lynd 36-2 well are scheduled to begin the first week of February.
CRCL CEO Jeff Johnson stated, “Circle Star Energy will have some very promising weeks ahead as we move forward to our next phases for both our initial well and our newest well. We are looking forward to announcing results for our initiatives while continuing to provide long-term, intrinsic value to our shareholders.”
Additionally, CRCL’s first well, the Lynd 36-1, in Trego County is in the completion phase and is anticipated to be on line by February 1, 2013. CRCL owns a 25% working interest and a 20% net revenue interest until payout at which time CRCL will convert to a 43.75% working interest and a 35% net revenue interest after payout in both the Lynd 36-1 and Lynd 36-2 wells. Circle Star Operating, a wholly owned subsidiary of CRCL, operates both wells in Trego County.
Since the 1920s, Trego County has been the site of several major oil discoveries producing 66,935,123 cumulative bbls according to the most recent data provided by the Kansas Geological Survey.
About Circle Star Energy Corp.
Circle Star Energy Corp. is a performance-driven exploration & production company that is developing exposure to high-impact, large scale oil & gas plays via operated and non-operated positions; while establishing and building a base of low-risk, solid return and operated working interests.
CRCL is continuing its efforts in expanding its exposure in Northwest Kansas, which is also being pursued by other energy industry participants such as Chesapeake Energy Corp. (NYSE: CHK), Encana Corp. (NYSE: ECA), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
For more information on CRCL’s unconventional resources initiative, please visit http://www.circlestarenergy.com/investors/stock-information.
For further information, news and updates, visit Circle Star Energy:
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