Unbridled Energy Corporation announced today that it spudded its first Option Well on its Chambers prospect on August 26, 2007. The well is licensed to the Shunda formation at 3300m and is being drilled by Unbridled (58.5%) and its partner (41.5%). The Option Well, now drilling ahead at below 2000m, is designed to test several identified, locally producing horizons and should reach total depth in approximately 40 days from spud date. As previously announced, the Company has farmed-in on one of its partners to increase its interest in the Chambers prospect and has also taken over as Operator of the project.
President & CEO, Joe Frantz, said, “The Chambers area contains significant potential to quickly grow cash flow and reserves. There are a limited number of plays today where you can drill wells with the potential to produce between 10 and 20 Bscf, as observed in wells just to the east of Chambers. Chambers contains the opportunity to encounter numerous productive intervals in different facies including sands, shales, and carbonates. In fact, the shale in our area appears to contain good gas in place and is a completion target for future horizontal wells. Based on 3D seismic interpretations, the 16-21 well should encounter numerous pay targets, which will hopefully translate into a very economic well. This well will also prove up additional portions of the Chambers area.”
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