DALLAS, Sept. 29, 2015 /PRNewswire/ — Patriot Energy, Inc. announces drilling operations have begun on its Thoroughbred #1 in the eastern Permian Basin. The well is expected reach a total depth of approximately 9,000 vertical feet in early October, according to field operations estimates.
Patriot Energy is extending its operations on a farmout lease that will ultimately encompass a total of at least 8 prospects, with the option to further drill out remaining acreage.
The Thoroughbred #1 is targeting multiple potential pay zones including the Strawn Lime, Cline shale, Cisco sands, Triple M Credo, Middle Wolfcamp and Albaugh.
“The beauty of Permian Basin wells is the opportunity for multiple pay zones,” said Michael Miller, Patriot Energy Founder and President. “When you consider the prolific zones combined with a multiple stage vertical frac, wells of this nature offer attractive potential, even at today’s oil prices. The economics are acceptable today, and we believe prices will eventually find their way back up to a more normal level,” Miller said.
A Patriot Energy video of the Thoroughbred drilling operations is available here.
An Infographic explaining oil price volatility is available here.
About Patriot Energy, Inc.
Patriot Energy, Inc. is a private, independent oil and gas company specializing in working interests and royalty interests for private accredited investors. Based in Dallas, Texas, Patriot Energy is engaged in the development of high-probability, lower risk onshore oil and gas properties. The Company’s growth strategy primarily relies on leveraging management’s technical and operations expertise to offer non-operating working interests and royalty interests to accredited investors and institutions. Patriot Energy is currently focusing in the Permian Basin of Texas. Additional information is available at http://www.patriotenergy.com/.
MEDIA CONTACT: Thomas Miller, VP Communications, 469-453-7000
For more info please visit: http://www.patriotenergy.com/
SOURCE Patriot Energy, Inc.