March 10, 2011
Core Minerals Announces Reef Discovery
Drilled in a joint venture with Countrymark Energy Resources and Harris Energy Company, Core is pleased to announce the discovery of a significant new Silurian Reef field in Vigo County, IN on the Hulman Farm, outside of Terre Haute. The initial well, the Hulman Farms #1, was completed in February, and initially open hole tested 70 barrels of oil per hour with 1.2 MMCFGPD. Currently, open hole production is averaging over 400 barrels of oil per day through a choke, with potential for possibly increasing production from the well. Developmental plans are currently underway, and work is expected to begin on additional wells located on the farm this summer which may help indicate the size and the expected recovery from the field.
The discovery is located in close proximity to the Terre Haute East reef field which has historically been producing since 1951.
Core Minerals secured the lease in association with Harris Energy in January 2010.
For more information please contact Tessa DeVoy at (812) 759-6950.