Reabold Resources (RBD) today announced it has had success from drilling at the VG-4 well in the West Brentwood field, onshore California.
The well was drilled safely and within budget to a depth of 4,700ft and had “significant oil and gas shows” in the targeted Second Massive formation.
Wireline logging has confirmed the presence of pay and the company plans to complete and put the well onto production.
Reabold has earned a 50% interest in the Brentwood field well which is now expected to drive revenues and cash flow for the company.
Stephen Williams, Co-CEO of Reabold, commented: "Success at VG-4 is a great result, both in terms of the substantial increase in cash flow that we can generate from West Brentwood, and in proving that we have significant running room within our California portfolio.”
“We are looking forward to drilling additional wells in California this year, as well as to the results of multiple drilling events across our other projects in the coming weeks."
The company is set to begin another drilling campaign on the Monroe Swell.
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