FIG Tree Capital Ventures, LLC; An oil and gas investment company with projects in the, The Woodbine Formation of South East Texas, and The Cotton Valley Bossier/Haynesville Shale of East Texas.
FIG is pleased to announce the successful completion of the Wilson #2H well in Madison County, TX. FIG and its partners have participated in a non-operated position in the well with PetroMax Operating (PMO) out of Garland Texas. This latest completed Woodbine oil well, the Wilson Unit “A” 2H was successfully completed on March 5th, 2010 making it the 4th horizontal Woodbine oil well for FIG and its partners. The Wilson Unit “A” 2H is located near Navasota River which divides Brazos and Madison County, Texas. The Well completion included a record 20 stage fracture stimulation which is 5 more stages than the Wilson #1H. Due to advances in fracture stimulation technology the operator is able to increase the number of planned fracs per well which should increase the estimated ultimate recovery (EUR) of the well and improve the economics in terms of per barrel finding cost. The Wilson “A” 2H has set a record initial production (IP) rate of 1,071 BBL, the highest to date for the Kurten Field in Madison County which we feel is directly correlated to the increase in fracture stimulations. PMO continues to execute its development plan for the Woodbine area and is currently drilling the next horizontal Woodbine well the Watson 1H which is set for completion at the end of March.
President of FIG, Richard Main stated, “Of course hindsight is 20/20, but it is incredibly exciting to see that everyone’s beliefs are coming to fruition. What is being done here is truly cutting edge for this area and it’s fantastic for our partners to be a part of it. At this point, we are just excited to see what’s next.