K2 Energy obtained its 33% interest in the project following its successful merger with Tomahawk Energy last May.
The company said the Priegel-3 well would be drilled to a total dept of 2300 feet to test the Booch sandstone, identified by the discovery well last year.
The Booch zone is primarily an oil target, with some potential for gas, according to K2.
The Patriot-3 well, which was drilled in January, is testing in the Union Valley zone and K2 said results were expected shortly.