by Greg Klein | March 30, 2016
Cardiff Energy TSXV:CRS moved closer to commercial oil production as the company reported completion of acid treatment on the Clayton #1H well in west-central Texas on March 30. Work began last month after the company secured a $250,000 line of credit. Some 19,000 gallons of acid were used in nine intervals to stimulate areas of the well bore that had the highest hydrocarbon shows during drilling, Cardiff reported. A pump is now being installed to remove the completion fluid before preparations begin for commercial production.
As the first horizontal well drilled into the Gardiner Lime formation, “all indications are that the Clayton #1H will be a strong production well,” the company stated. The flow rate will be reported once output stabilizes.
“We are looking forward to near-term cash flow and drilling of the next set of horizontal wells in the Runnels County area,” added president/CEO Jack Bal.
Cardiff holds a 70% working interest in Clayton #1H, a joint venture in which Equitorial Exploration TSXV:EXX may earn up to 30%. Cardiff also holds a 100% working interest in the adjacent Bearcat #4.