Wednesday, September 1, 2010

Lee County, Texas - Austin Chalk Formation Update

By Andrea:

Buccaneer Energy Limited (BCGYF.PK) recently announced the progress of 2 wells in Lee County, Texas in both the Austin Chalk and Eagle Ford shale.

The Alexander # 1 well site location has been built over the last week and the Nicklos # 1 Rig is moving in and rigging up to drill.
The Alexander # 1 well is the third well in the Lee County drilling program and is expected to spud within the next 24 hours.The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' - 2,500' horizontal component is drilled in the Austin Chalk formation.

The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 days.

Drilling updates will be made each Wednesday.

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