CHARLESTON, W.Va.--(BUSINESS WIRE)--Cunningham Energy LLC has announced plans today for two new shallow horizontal oil wells to be drilled in Kanawha County, West Virginia. The newly planned horizontal program will be drilled from the “Matterhorn” pad, consisting of two initial wells surveyed with a specified measured depth (“MD”) ranging from 6100’ to 6800’ plus feet and vertical depths (“TVD”) of 2150’ plus feet.
Both “Matterhorn” horizontal wells are targeting oil in the Weir Sand formation. Cunningham Energy also plans to utilize one of the company’s three Speedstar 185 top drive drilling rigs in conjunction with these new wells. Each well bore on the Matterhorn pad has been planned to be completed with multiple frac stages with varying spacing dependent on future wireline data.
“Cunningham Energy is looking forward to developing this promising new shallow horizontal oil & gas play in West Virginia,” said Ryan Cunningham, of Cunningham Energy. “Prior in house drilling data has shown strong oil production potential and experts feel that the potential of these shallow horizons is in the infancy of the game.
“The Weir Sand has shown exciting vertical logs in this area and it holds tremendous potential horizontally. Economic conditions in our industry point to lower cost production being the new normal and the Weir Sand horizontal can possibly fit into that slot. The company sees possible lifting costs of this new play to be advantageously low during the first years of production.” Cunningham Energy is currently completing the Lions Paw 4-Well Horizontal Program in Clay County, West Virginia. The company anticipates spudding the first Matterhorn well by Spring of 2016.
About Cunningham Energy LLC
Cunningham Energy LLC is a private independent production and exploration company based in Charleston, West Virginia. The company was formed in 2008 for the purpose of acquiring, exploring, and producing oil and gas in the Appalachian, Illinois, and Williston Basins. Since inception, Cunningham Energy has relied on past experience in parallel with the application of new technologies to succeed in the ever changing field of efficient energy production. Cunningham Energy is positioned to take advantage of current and future trends in oil and natural gas production throughout these basins with aggressive but responsible decisions in the coming future.
Certain statements contained in this press release constitute "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "should," "up to," "approximately," "likely," or "anticipates" or the negative thereof. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties. We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the Matterhorn prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission ("SEC") and are available at the SEC's web site http://www.sec.gov. Cunningham Energy LLC disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.