Circle Star Energy Corp. (OTCBB: CRCL) announces a funding commitment from an industry partner to drill up to three wells located in Trego County, Kansas. CRCL intends to drill the initial well to 4,200 feet and test the Arbuckle, Kansas Lansing and other formations that are productive in the immediate area. CRCL will own a 25% working interest and a 20% net revenue interest until payout at which time CRCL will convert to a 43.75% working interest and a 35% net revenue interest after payout.
Jeff Johnson, CRCL CEO commented, “We are looking forward to breaking ground in Trego County. Based on offset activity, we anxiously await our drilling results.”
Located in Northwest Kansas, Trego County has a history of oil production, since its first oil boom discovery in the 1920s. According to the Kansas Geological Survey, Trego County has cumulatively produced 66,787,369 bbls to date from multiple formations. Drilling is scheduled to begin around December 10, 2012.
For more information on CRCL’s unconventional resources initiative, please visit http://www.circlestarenergy.com/investors/stock-information.For further information, news and updates, visit Circle Star Energy:
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