SCOTTSDALE, Ariz., April 8, 2013 /PRNewswire/ -- Mondial Ventures, Inc. (OTCQB: MNVN) an emerging oil and gas exploration, production and development company with concentration in the Permian Basin West Texas, announced today future drilling plans for the first of at least three new well locations on the J.B. Tubb Leasehold Estate located in Ward County, Texas. Mondial Ventures, Inc. initially owns 37.5 percent of the working interest and a 28.125 percent net revenue interest.
The Company earlier announced plans to drill its first deep well are now being updated and expected to commence early this summer. Plans include first targeting the Ellenburger formation on the Company's J.B. Tubb Leasehold Estate at approximately 8,300' foot depth, with a CAPEX requirement now set at approximately $1.6 million.
These plans are included for proposed development of the Company's South 40 Participation Agreement with its working interest partners, and based on recommendations by independent Certified Geologist. As previously reported, Mondial plans to drill up to three more wells on the South 40 location via its option rights Participation Agreement. First objective is to drill the Ellenburger well on the South 40, and Geologically updip location. The Crawar Field that the J.B. Tubb Leasehold Estate has multiple producing horizons. According to Geologists, the Ellenburger formation sits along a fault plane increasing viability noted below 6,200' and viable at approximately 8,300' -8,400' feet. The second and third target well locations are in the Waddel formation to 7,700-7,900' foot depth, and for the Wolfcamp formation at approximately 6,200' foot depth, respectively with additional CAPEX requirement of approximately 2.6 million.
"Both prospect wells are supported by solid well control and are targeting a minimum of 40,000 to 50,000 barrels of oil equivalent (BOE) recoverable per well, net to our interest," said Jeru Morgan, the Company's Operator and Partner, and President of Success Oil Co., Inc. "Each well should have at least 3-5 potentially productive zones, substantially increasing the likelihood of achieving a commercially producing well."Dennis Alexander, Mondials CEO stated, "We believe our business plan is fully consistent with our earlier announcements, and moving ahead we are focusing exclusively on financing and our drilling and development plans. Our goal is to build a dynamic portfolio of oil and natural gas programs that range from seismic-supported exploration projects, to drilling locations with proved reserves, to fully producing properties." About Mondial Ventures Inc.