Circle Star Energy Corp. (CRCL) announced that, through their continuing financing commitment, they’ve received funds to move forward with their second well, the Lynd 36-2, in Trego County, Kansas.
Drilling operations for the Lynd 36-2 well are scheduled to begin the first week of February.
More important…their FIRST well Lynd 36-1 is in completion phase—i.e. making the well ready for production. Going to the completion phase means it was at LEAST economic enough to complete…very good sign.
Also a good sign—they are drilling second well in the very same area!
CRCL CEO Jeff Johnson stated, “Circle Star Energy will have some very promising weeks ahead as we move forward to our next phases for both our initial well and our newest well. We are looking forward to announcing results for our initiatives while continuing to provide long-term, intrinsic value to our shareholders.”
In Well #1, CRCL owns 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 in both the Lynd 36-1 and Lynd 36-2 wells. Circle Star Operating, a wholly owned subsidiary of CRCL, operates both wells in Trego County.
Since the 1920s, Trego County has been the site of several major oil discoveries producing 66,935,123 cumulative bbls according to the most recent data provided by the Kansas Geological Survey.
Let’s go 2 for 2 on wells…and pick-up shares BEFORE news is announced on their new reserves.
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Founder and Editor-in-Chief for NBTEquitiesResearch.com. Contributor and Anchor for the Fox News Channel and Fox Business Network 2000-2013. Chairman & CEO of NBT Group, Inc., a boutique private capital investment bank and investor relations organization.
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