CPC’s share of the Utah well is about 1.6 million cubic feet per day. When added to its East Texan operations, this gives the company a production base of 3.3 million cubic feet per day, CEO Jeffrey Clarke said.

“The significance of the successful completion of [Ridge Runner 13-17] is that it confirms the existence of commercial gas in the portions of the Ferron reservoir not previously drained by wells drilled in the 1950s,” Clarke said.

“It is the first step in the confirmation of a potentially large resource as previously indicated by independent reservoir engineers.”

Located in the 68% owned Clear Creek project, RR-13-17 was drilled and fracture stimulated in 2003, but was never fully tested.

Clarke said the well supported the company’s initial geological theory and should lead to repeatable, low-risk value creation.

The Utah and East Texan operations provided a strong foundation for CPC to build up production and cash flow to achieve critical mass before the end of the year, according to Clarke.

“The company’s development programs in East Texas and Utah are ramping up and are continuing to show positive and repeatable results, which will ultimately manifest themselves in increases in proven reserves, production and operating cash flow,” Clarke said.

On October 19, CPC announced that its East Texan Harris-1-U well flowed at 850 pounds of flowing tubing pressure through a 17/64 inch choke.

Located in the 30% owned Jefferson-McLeod Project, the well perforated the Travis Peak and was fracture stimulated during completion.

“This completion is a totally separate well string from the Harris-1 completion announced in February, which is still on production,” Clarke said at the time.

“This positive result adds to the recently announced successes of the Huntington-3 and the Childers-1.”

Clarke said CPC was still pursuing other development opportunities on the remainder of its East Texan acreage.