Topaz Resources Inc. (OTCBB: TOPZ) has reached the targeted depth of its Barnett Shale well located in the "oil" leg of the Barnett shale formation in North Texas.
"We are pleased to report that we have finished drilling this first of three Barnett Wells to a Total Depth of 7740 feet into the Barnett shale formation as part of the drilling program we announced earlier this summer," stated Bob Lindsay, COO of Topaz Resources.
The company commenced drilling of the well in July.
The program calls for a minimum of three horizontal and/or vertical wells during the remainder of 2010.
"During drilling, we encountered good oil and gas shows in the Barnett and shallower formations. We now are running and analyzing electric logs to assess the productive capabilities of these formations, the results of which we will announce shortly."
Topaz has approximately 1,850 Barnett gross acres in the historic core area of the Barnett play in Wise and Denton counties.
Topaz holds approximately 950 gross leasehold acres located favorably in the oil area of the Barnett play in Montague County.
To date, Topaz management have drilled or participated in over 250 Barnett wells.