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FSNR in play on big news!
Freestone Resources Inc. Plans 50 Drill Sites
Thursday February 15, 9:00 am ET
Potential Drill Sites Surrounding Well that Has Produced in Excess of a Billion Cubic Feet of Gas
FAIRFIELD, Texas--(BUSINESS WIRE)--Freestone Resources Inc. (OTC:FSNR.PK - News) has optioned for 4,300 acres to add to the 517 acres lease of the Carroll unit #1. According to geologists, this acreage is in line and has the same formation as a major resource company which completed two wells only 2 1/2 miles away.
Their last well's open flow tested at 5 million cubic feet of gas per day. At todays prices that makes the well as produced in excess of 10 million dollars. The Carroll well has this zone behind the casing and the company plans on producing this zone as soon as we deplete the lower zones. This gives the Carroll well a very huge potential.
Lloyd Lane, CEO of Freestone resources noted: "The additional acreage added to the Carroll unit #1, will give Freestone 50 excellent drill sites off setting a well that has produced in excess of a billion cubic feet of gas. This well with todays completion practices could have been much larger. At todays prices that makes the well as produced in excess of 10 million dollars. The potential here is enormous."
Freestone Resources Inc. is talking with potential drilling partners and aims to commence drilling the first well by early spring
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