Crude Energy to start drilling Muleshoe prospect in US

US-based exploration and production firm Crude Energy is planning to start drilling at its Muleshoe #1 prospect in Taylor County, Texas.

The Muleshoe prospect is a vertical well testing multiple formations drilled to around 5,300ft that targets the Ellenburger formation. Secondary objectives include the Fry, Capps, Caddo, Hope Lime, and Strawn formations. Crude Energy said that it is a fairly low risk drilling venture and was developed following the interpretation of a 59 square mile 3-D seismic programme.

Crude Energy president Parker Hallam said that almost all of the projects that the company does annually are horizontal wells, however it screens several vertical drilling opportunities and identifies around five assets to actively pursue.

"We are extremely excited about drilling the multiple pay zones of the Muleshoe in West Texas and the production it will achieve," Hallam added.

Accredited investors are currently being allowed to invest in the project, which is expected to be completed in July.

Crude Energy currently has oil and gas exploration projects across the US with focus areas including Texas, Oklahoma and North Dakota. The company applies petroleum and natural gas exploration and extraction technology to develop onshore oil and natural gas projects.