Alamo Energy Corp. reported on the progress of a development program at one of the company’s oil and gas properties in the southern United States.
Alamo Energy Corp. said that the development program involves drilling two wells in Fentress County, Tennessee, where the company has a three hundred acre tract of land under lease.
Alamo Energy Corp. is targeting the Murfreesboro, Stones River and Knox formations, where the company estimates that each well has an estimated ultimate recovery (EUR) of between 100,000 and 300,000 barrels of oil equivalent (BOE).
Alamo Energy Corp. has completed the first well in the development program and found 110 feet of net pay in the Murfreesboro Formation. The company believes that the well can also produce from additional formations.
Financing for the development program was obtained by drawing down a $2 million credit line set up in November 2009. Alamo Energy Corp. has borrowed $1.48 million under this agreement for the Tennessee and other development programs at the company’s oil and gas properties.
Alamo Energy Corp. is an oil and gas exploration and production company focused on the onshore area of the United States and the United Kingdom. The company has properties in Texas, Kentucky, West Virginia, and in the Wessex and Weald basins in the United Kingdom.
For more information on the company, go to www.alamoenergycorp.com
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