CHARLESTON, W.Va.--(BUSINESS WIRE)--Cunningham Energy LLC is announcing today that the company has begun drilling its second and third shallow horizontal oil wells, the Cochran #5H and Cochran #4H wells, of the Rhino Three Well Drilling Program.
Planned measured depth of the new horizontal wells is 5200’ with a vertical depth of 2100’. All three “Rhino” horizontal wells are targeting oil in the Big Injun Sand formation in Union District of Clay County. Cunningham Energy is utilizing one of the company’s three Speedstar 185 top drive drilling rigs in conjunction with these new wells. Each well bore on the Rhino Pad has been planned to be completed with multiple frac stages using varying spacing dependent on future wireline data.
“Cunningham Energy is again excited to be part of this new horizontal method of producing the Big Injun oil sand in the Appalachian Basin,” said Ryan Cunningham, of Cunningham Energy. “The company is seeing excellent oil shows and reservoir characteristics through the Rhino drilling program thus far and we expect that trend to continue as these next two wells reach total depth. The Big Injun formation has been nothing short of spectacular so far in terms of geologic analysis from the first Rhino well, the Cochran #6H.”
Cunningham Energy has chosen the Packers Plus System frac system for compartmentalization of the reservoir during stimulation. The company is anticipating completion of the Rhino drilling program in May 2014.
About Cunningham Energy LLC
Cunningham Energy LLC is a private independent production and exploration company based in Charleston, West Virginia. The company was formed in 2008 for the purpose of acquiring, exploring, and producing oil and gas in the Appalachian, Illinois, and Williston Basins. Since inception, Cunningham Energy has relied on past experience in parallel with the application of new technologies to succeed in the ever changing field of efficient energy production. Cunningham Energy is positioned to take advantage of current and future trends in oil and natural gas production throughout these basins with aggressive but responsible decisions in the coming future.
Certain statements contained in this press release constitute “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “should,” “up to,” “approximately,” “likely,” or “anticipates” or the negative thereof. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties. We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the Rhino Pad prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission (“SEC”) and are available at the SEC’s web site http://www.sec.gov. Cunningham Energy LLC disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.