Today before the bell, Vortex Resources Corp. announced that it is exercising the option to drill its fifth well in Adams-Baggett Field in Crockett County, Texas. The decision to move forward and drill a fifth natural gas well was made after the successful drilling of three wells in the Adams-Baggett area. Results from the fourth well have not been received as of this time.
As reported last week in a press release, two natural gas wells were successfully drilled and completed frac treatment on October 27, 2008. The third and fourth wells are expected to reach completion on or about December 5, 2008. Once these two wells are completed, the company will move to begin drilling on the fifth well, which is also located in Crockett County.
Yossi Attia, CEO of Vortex, stated, “We are very excited about the direction we are headed with Vortex Resources. The new President-Elect has been looking for alternatives to off-shore drilling and despite the downward turn of oil prices, natural gas has maintained its steady composure. We are confident more than ever, that with the new Presidential Regime and the shift of focus to onshore drilling, Vortex will be at the forefront of being a viable solution.
“We would very much like to be in the position of some of the other independent natural gas companies, such as Anadarko Petroleum Corporation (NYSE: APC), Chesapeake Energy (NYSE: CHK) and XTO Energy (NYSE:XTO). These companies have established a successful business model and that is something we are striving to do with Vortex,” Mr. Attia concluded.
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