Nexera Announces Rig Mobilization to Stockdale Horizon

Rhea-AI Summary

Nexera Energy Inc. (OTC: EMYBF) has mobilized the Unision #5 drilling rig to its Stockdale Horizon prospect, marking the commencement of drilling for a deep horizontal well in the Austin Chalk formation. The well will reach a total depth of approximately 6,600 feet, targeting hydrocarbon-rich zones at 5,000 feet. This venture is noteworthy as only 320 wells are currently being drilled in the U.S., down from over 800 last year, indicating a significant slow down in drilling activities.

Positive

• Mobilization of the Unision #5 rig to Stockdale Horizon represents a strategic advancement in drilling operations.
• Targeting multiple potential hydrocarbon-bearing pay zones increases the potential for significant oil production.

Negative

• The decrease in active wells drilled in the U.S. reflects a challenging operational environment in the oil sector.

CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / December 2, 2020 / Nexera Energy Inc. (TSXV:NGY)(OTC:EMBYF) (the "Company" or "Nexera") announced today that the Unision #5 drilling rig has been mobilized to the Company's Stockdale Horizon prospect where the Company, in partnership with API Horizon Joint Venture ("Horizon JV") of Dallas, Texas, will drill its first deep horizontal well in the Austin Chalk formation. The total measured depth of the well is anticipated to be 6,600 feet, with the Company drilling to the formation at approximately 5,000 feet deep, and then drilling a 1,600 foot long horizontal leg through multiple potential hydro-carbon bearing pay zones. Further information will be provided as it becomes available.

Shelby Beattie, President and CEO of Nexera commented: "This well represents one of only 320 wells being drilled in the United States at this time. By contrast, more than 800 wells were being drilled at this time a year ago."

About Nexera Energy Inc.

Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.

For further information, please contact:

Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000
Email: info@ebyinc.com
www.nexeraenergy.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Nexera Energy Inc.

View source version on accesswire.com:
https://www.accesswire.com/619205/Nexera-Announces-Rig-Mobilization-to-Stockdale-Horizon

FAQ

What recent drilling activity has Nexera Energy announced?

Nexera Energy has mobilized the Unision #5 rig to its Stockdale Horizon prospect to drill a deep horizontal well in the Austin Chalk formation.

What is the total depth of the well being drilled by Nexera Energy?

The well is anticipated to reach a total measured depth of 6,600 feet.

How many wells are currently being drilled in the U.S. compared to last year?

Currently, only 320 wells are being drilled in the U.S., down from over 800 wells last year.

What are the potential benefits of the new well for Nexera Energy?

The well targets multiple hydrocarbon-bearing pay zones, potentially increasing oil production and revenues for Nexera Energy.