PetroHunter is drilling its 14th operated well in the Piceance II project area near Parachute, Colorado. Each of the 14 wells has encountered gas shows of greater than 200 feet of net pay, with 12 of the wells containing more than 400 feet of net pay, all in sandstones within the Williams Fork Formation.
The company is in the process of negotiating natural gas marketing agreements with an established mid-stream provider with firm transport on the Rockies Express pipeline (REX). The company plans to complete all 14 of its existing wells, and plans to drill and complete two additional permitted wells to coincide with the construction of a gathering system during the third and fourth calendar quarters of 2007.
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