Millennium Exploration Co., LLC plans to drill a fourth well by the end of this year in its Chalk Talk multi-well development in the Austin Chalk formation in South Texas, parent company Millennium PetroCapital Corp. reported Tuesday.
“Accomplishing one more Austin Chalk well in the calendar year 2020 will allow us to capitalize on the current window of lower-cost operations,” Richard Monroy, Millennium PetroCapital’s CEO, commented in a written statement. “In this way, we can simultaneously provide needed work for our key vendors, who have been struggling financially due to the current state of oil prices.”
Millennium PetroCapital also revealed that it placed its Chalk Talk ‘B’ #3H well into production on Oct. 6, 2020 – the third of eight wells that it plans to drill in its 7,200-acre development area. As Rigzone detailed earlier this year, the San Antonio-based firm placed the first two wells – Chalk Talk #2H and Chalk Talk ‘A’ #1H – into production in May and June, respectively. The company noted on Tuesday that each of the three wells penetrated the targeted Austin Chalk zone with a 4,000-foot (1,219-meter) horizontal leg. It added the wells exhibited oil flow through the skimmer systems during the drilling process.
“Our team has an amazing passion for the art and science that goes into making these projects come into fruition,” remarked Monroy. “Millennium is a sophisticated corporate body whose ever-evolving departments function together to carry out these elaborate projects symphonically. Through its systems, processes and, most importantly, its people, our company’s collective ability allows management to pursue increasingly creative and ambitious ideas.”
Millennium noted that it is the Chalk Talk development’s operator of record, adding that it controls a combined 75-percent interest in the project along with private equity partners.
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