CORRECTING and REPLACING Chestnut Exploration & Production, Inc. Completes Drilling First Well of the Chestnut Lease Fund

CORRECTION...by Chestnut Exploration & Production, Inc.

DALLAS--()--Third graph, first sentence of release should state that Chestnut Exploration & Production will ultimately recover more than 4.5 billion cubic feet of natural gas (sted Chestnut Exploration & Production will ultimately recover more than 4.5 million cubic feet of natural gas).

The corrected release reads:

CHESTNUT EXPLORATION & PRODUCTION, INC. COMPLETES DRILLING FIRST WELL OF THE CHESTNUT LEASE FUND

Chestnut Exploration & Production, Inc., an independent oil and natural gas company, announced it has completed drilling, logging and casing the Cherokee #1 joint venture well in Cherokee County, Texas.

This is the first well the company has drilled on the lease since closing its lease acquisition fund in October, which doubled the company’s acreage. Cherokee #1 successfully tested for natural gas in the Pettet-Travis Peak formation in East Texas at a total vertical depth of 10,800 feet.

Chestnut Exploration & Production is completing the well for production and predicts the Cherokee #1 will initially produce between 2,500 and 5,000 million cubic feet of natural gas per day and ultimately recover more than 4.5 billion cubic feet of natural gas. The leased prospect area also supports the potential for an additional five offset Travis Peak wells and four horizontal Pettet wells.

“We have successfully completed the two most critical elements in drilling a well and are very pleased with the results based on the gas shows while drilling and the Halliburton electric log of the zones,” said Mark A. Plummer, owner and chairman of Chestnut Exploration and Production. “The acquisition of this lease has already yielded prosperous outcomes, and our Pettet log indicates that we should be able to drill a new horizontal well for that formation as the price of natural gas increases, which is a bonus to the project.”

About Chestnut Exploration & Production, Inc.

Chestnut Exploration and Production, Inc. is a licensed and bonded oil and natural gas operating and development company with operations in California, Louisiana, New Mexico, Oklahoma and Texas. Chestnut’s mission is to use advanced science and geological techniques to maximize the value of its projects. Chestnut’s experts have decades of experience and are trained in all aspects of the energy business.

Contacts

for Chestnut Exploration
Mike Crouch, 972-499-6618
Mike.crouch@hck2.com

Release Summary

Chestnut Exploration & Production, Inc. announced it has completed drilling, logging and casing the Cherokee #1 joint venture well in Cherokee County, Texas.

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Contacts

for Chestnut Exploration
Mike Crouch, 972-499-6618
Mike.crouch@hck2.com