$FCGD First Colombia Gold Announces Two New Oil Wells
ALBANY, Ky., Oct 21, 2014 (GLOBE NEWSWIRE via COMTEX) -- First Colombia Gold Corp. (OTCQB:FCGD) announced today that the company began drilling two new oil wells on leases located in Clinton County, Kentucky.
On August 5, 2014, the company announced its intention to drill ten new oils wells on its current leases. These new wells mark the third and fourth wells scheduled within the current ten-hole drilling program. On October 17, 2014, drilling crews moved on both locations, utilizing drilling rigs owned by the company. Both holes were spudded on October 19, and on October 20 they were both taken to a depth of 360 feet and set with 7 inch casing. Both wells will have the casing cemented on October 22, and the wells will be drilled down into the anticipated production zones.
Clarence Parks, President of First Colombia Gold commented, "We are extremely excited about the prospects of these two wells. Based on historic production on these two leases, we feel that we could have outstanding production. We look forward to seeing results within the next week."
In addition to announcing the drilling of these two new wells, the company also updated shareholders on the progress of the first two oil wells drilled in this program. The company's first well had shows of oil at three different zones, all of which are now behind pipe. The company plans to perforate and test all three zones. The second well was extremely successful, with the well coming online at approximately ten barrels per day. The company stated plans to do an acid treatment and will continue to monitor its performance.
