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 #1H well in Brazos County, TX. FIG and its partners have participated in a non-operated position in the well, which is operated by PetroMax Operating (PMO) out of Garland Texas. The horizontal well-bore was drilled into the Woodbine formation and is located near the Navasota River which divides Brazos and Madison County, Texas. This most recent well is very significant in many ways. First, the Wilson #1H is the newest of our Woodbine wells to implement a “pump down and perf stimulation strategy”, which was performed as designed resulting in 15 successful frac stages that were pumped on December 22nd- 24th. After drill out on Jan. 4th, tubing was installed on Jan 8th. Comparing the Schiflet #1H to the Wilson #1H during the first 60 hours of production thru tubing we have increased the BOPH (barrels of oil per hour) rate significantly. In fact the IP during the first week reached a single day high of 744 BBLs. Further exploitation of this strategy is planned on the Wilson Unit “A” #2H which is scheduled for a 20 stage frac procedure on February 7th, 2010. Implementing 20 or more stages in a single lateral will be a field record and a new high for the operator as well.
President of FIG, Richard Main stated this morning, “We are very pleased with the increased IP rates that are being seen in the Wilson #1H well and the job that our operator has done pushing the envelope of the new technologies that are being implemented in the completion phases of these wells. We are eagerly looking forward to our future attempt at a 20 stage frac in February on the Wilson “A” #2H.”