OKFUSKEE COUNTY, Okla., April 19, 2016 /PRNewswire/ -- Wright Drilling & Exploration, Inc. announced today the successful drilling and testing of its first oil well project, the Loma Linda No.1, a site located northwest of Okemah in Okfuskee County, Oklahoma.
"We are pleased that our first exploration drilling project, the Loma Linda No. 1, is a success," says Michael W. Wright, CEO and founder of Wright Drilling & Exploration. "It is a very exciting time for us as we see this well through its completion."
Wright Drilling & Exploration began construction at the site in late March, spudding this well on April 9th and hitting its total depth (TD) target of approximately 3,800 feet within five days. Log evaluations and core samples taken from its wellbore confirmed the presence of multiple hydrocarbon bearing zones and now completion procedures will take place on this well.
The Loma Linda No. 1 is an off-set oil well adjacent to existing oil-producing wells with multiple stacked pay zones. It is the first in a multi-phase oil and natural gas exploration project planned by the company on the same 200-acre lease. Construction of the next well, the Loma Linda No. 2, is expected to begin next month. Based on geological surveys, soil sampling and statistical studies of other oil producing wells in the area, Wright Drilling & Exploration believes its initial projects are predicted to offer solid returns and long lasting production of recoverable oil and natural gas.
Partnering with Wright Drilling & Exploration Inc. on this endeavor is C&C Productions LLC.
Wright says he expects this to be the first success of many for the newly-formed oil and gas exploration investment company.
Wright Drilling & Exploration, Inc. is an emergent North Texas-based oil and gas exploration investment company specializing in creating Limited Liability Companies for direct participation drilling and exploration ventures for accredited investors.
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SOURCE Wright Drilling & Exploration