Pipeline Resources has a leasehold position in the Angell Ranch field which is located in Eddy County, New Mexico. The field is located in an area that contains multi-pay reservoirs from the Lower Morrow, Middle Morrow, Cisco Canyon , Delaware and Bone Spring Sands.
The initial exploration on this lease began in August 2004 with the drilling of the Angell Ranch #1 well. This initial test well indicated there to be excellent shows from the Delaware , Upper Bone Spring and Morrow Sands. The well was successfully completed in the Morrow Sand and averages 1200 MMCF per day. It is estimated that the Morrow Sands alone have reserve potential of 1-3 BCF per well.
At present operations are underway to drill the 2 nd test well on the lease, which will be drilled to test numerous shallow oil and gas sands found while drilling well #1. The Bone Spring oil sand is of primary interest and, on the logs it appears to be productive. Pipeline Resources is excited to drill well #2 and test these zones as reserve potential; as reserve potential just from the Bone Springs could be extraordinary.
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