Approx 3100 acres have limited rights to depths. Most include the San Andres at 4100'. The remainder of the leased acrage are unlimited in depths. Again, various interest from 37% - 87.5%
Yes that's what the PR does say my friend and I'm sure there are shallower zones. It does go on to say approx 4100 feet so my guess is they may not be limited to how deep they can go. Also this acreage sits adjacent to other San Andres production and offers Doral the ability to explore the possibility of both down-spacing, to exploit undrained acreage, as well as to stimulate current producers in order to potentially increase production. KEY word in that is EXPLOIT. Doral is an exploitation co and not an exploration co. Talked to the CEO today and he was even more excited than when I have spoken to him before. IMO he definitely knows what he is doing, believes the company is grossly undervalued at current levels, understands the market and has shareholder value in mind. He plans to take this company to a higher exchange and the only thing he plans on going down are drills and the Texas Tea coming up.
A brief review of the Exxon Wattam Federal Well #1, 30005-20810, drilled in 1981, to 4300', shows it was shut-in in 1982 for....get this "uneconomical" after producing 27 BOPD in July 1982. Logs show other pay zones, Yates at 1754, Seven Rivers at 1852, Queen Grayburg at 2253 and San Andres at 2894-4300. Looks like it was plugged back and redrilled as a horizontal well.
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