Once the well is drilled to total depth (TD), the Company expects to run production casing and schedule a multi-stage frac. The Company also anticipates drilling a salt water disposal well on the same location that will serve multiple production wells. The Mississippian Limestone in the area of interest is at a vertical depth of approximately 7,200 feet and is approximately 500 feet thick. Potential reserves in the Mississippian have been reported to be in the range of 300,000 to 500,000 BOE per well.
The Mississippian Lime is an oil-rich carbonate play covering 6.5 million acres in Oklahoma and Kansas and has been developed with vertical wells for over 30 years. Several thousand vertical Mississippian wells have been drilled in northern Oklahoma and the nearby wells with current and past Mississippian production have provided the Company with a wealth of data. Companies operating in the Mississippian Lime play include Chesapeake, SandRidge, Devon and Range Resources. The Company currently holds leases or farm out agreements on approximately 3,400 net mineral acres in the play and is continuing to lease additional acreage and to pursue additional farm out agreements.
“We are excited to be kicking off our drilling program in the Mississippian Lime and look forward to expanding our drilling program and acreage position in 2013,” said Randy M. Griffin, CEO of Mesa Energy Holdings, Inc. Mr. Griffin added, “We expect to begin preparations for the commencement of an additional horizontal drilling program in the Niobrara Shale in southeast Wyoming in 2013.”
Headquartered in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented Exploration and Production (E&P) company with a definitive focus on growing reserves and net asset value per share, primarily through the acquisition and enhancement of high quality producing properties and the development of highly diversified developmental drilling opportunities. The company currently owns producing oil properties in Plaquemines and Lafourche Parishes in Louisiana as well as developmental properties in Garfield and Major Counties, OK and Wyoming County, NY.