Strata-X Ltd. reported that the Slanovich 32-23P well, located in Fremont County, Colorado was plugged following hole stability issues in the wellbore. The company intends to resume drilling in the project at a later date following a detailed review of the data obtained from this wellbore.

The well was targeting the Pierre Formation at a depth of approximately 5,000 feet and was located within 2 miles of the Florence Field which has produced approximately 15 million barrels of oil from the Pierre Formation.

The Florence Field is a shale oil field that was discovered in the 1800s and is the second oldest oil field in the United States. The Slanovich 32-23P well is offsetting a well that was drilled by Mountain Petroleum in 2007 which encountered numerous intervals of fractures and visible oil shows. That well did establish minor oil production in a deeper horizon but was not able to test the Pierre Formation in that wellbore due to significant lost circulation zones.

Tags: Strata-X Ltd.