Southern Star Energy specializes in the acquisition and drilling of under-drilled oil and natural gas properties. So far this tactic has minimized the risk to the company and new technologies have made drilling processes more efficient. The Company has 5,700 acres of land under lease in Louisiana and has drilled three deep test wells to approximately 9,950 feet with the potential for 80 more wells. The newest location is called the Haynesville Discovery, which is strategically located in the center section of the Company’s Sentell Field in Bossier Parish, Louisiana.
Southern Star Energy believes this region of the state to be very lucrative, with proven and probable reserves of 58 million barrels and 5.8 trillion cubic feet. The state of Louisiana has 18 operating refineries, with over 2.5 million barrels per day of refining capacity. Advancements in drilling, evaluations, and completions, coupled with significant gas and oil price increases, has turned Louisiana into one of the hottest plays in the US.
David Gibbs, Southern Star President and Chief Executive Officer, said, “We believed that we might be sitting on top of a significant Haynesville position, and I could not be more pleased now that we have evidence that the Sentell Field is right in the middle of the Haynesville play. We have extensive petrophysical analysis work ahead of us, and another vertical Haynesville test well to drill this year, but the initial results are positive. We believe Southern Star Energy remains a high-quality investment in these challenging times, and we are working tirelessly to develop our acreage on behalf of current and future shareholders.”
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