Deep Rock Oil & Gas, Inc. announced today that the preliminary results from the redevelopment of its Big Foot Field, through its ownership in Z2 LLC, have been favorable. It has a five well drilling program underway in the Big Foot Field in Frio County, Texas.
As part of the $40 million field redevelopment funding package, one well has been drilled and completed, one well is currently being completed, one well is presently drilling, and two well locations are being staked for drilling using the rig currently in the field.
To date, the rework and stimulation program has increased oil production from the field by approximately 20 percent.
In addition, a natural gas gathering pipeline has been installed for the delivery of the associated gas produced from the oil wells. A gas contract has been negotiated, and sales of approximately 500 MCF per day should begin soon.
Deep Rock Oil Gas, Inc. owns 6.29% interest in Z2 LLC and also holds a 5.8625 percent net profits interest in the field.