Fidelis Drills Second Successful Gas Well at North Franklin -- Winters Pay Thickness Exceeds First Well Monday July 18, 9:00 am ET
TUCSON, Ariz.--(BUSINESS WIRE)--July 18, 2005--Fidelis Energy, Inc. (OTCBB:FDEI - News), today is pleased to announce that the "Archer-Wildlands #1" gas well at the Company's North Franklin Project reached a total depth of 7,736 feet on June 15. The Winters sand pay had excellent gas shows in the mud log and the suite of Resistivity and Sonic electronic logs showed clean sand pay with 100% gas fill-up within the pay zone. The intersected sand pay exceeds in thickness what is producing at the "Archer-Whitney" well. A casing election was immediately made and the Company is pleased to report that the well is now cased to depth with production casing. The Company and partners are now preparing to complete the well and the operator is developing a perforation plan to be implemented during the well completion phase. Notably, the gas gathering line and tie-in to pipeline are already in-place at the Wildlands location. All that will be required is to install a gas-flow meter following the perforation and completion program. The well can be tied-in to the pipeline with no delays, such as occurred with the initial pipeline construction.
The operator has called for a completion rig and Fidelis will report on timing when the rig becomes available. It is estimated that the completion phase of the well will occur over the next 2 weeks.
Mr. William Marshall, President states that, "Fidelis is extremely pleased with the drilling results of the new "Archer-Wildlands" well at North Franklin. By adding the additional gas production from the North Franklin reservoir, we will be increasing the cash flow to the Company and adding value to the shareholders. Fidelis is committed to continued strong growth for Company and developing the North Franklin Project is foremost in our plans for achieving this."
Gas prices in the Sacramento Basin continue to rise with the NYMEX futures. On July 15th, the PGE-Citygate gas pricing from North Franklin production was $7.18 per Mcf.
ABOUT FIDELIS ENERGY INC.
Based in Tucson, AZ, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America.
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