Millennium PetroCapital Corporation Successfully Launches New Oil Development Project in the Second Quarter 2020June 23, 2020
San Antonio, Texas-based Millennium PetroCapital Corporation, placed two new Austin Chalk oil wells online in Gonzales County in May and June 2020.
June 23, 2020 07:01 AM Eastern Daylight Time
SAN ANTONIO–(BUSINESS WIRE)–Millennium PetroCapital Corporation, a privately held oil and gas parent company specializing in South Texas and Texas Gulf Coast exploration, successfully launched its Gonzales County, Texas multi-well development plan of the famously prolific Austin Chalk formation. Millennium put two new Austin Chalk wells in production through its dedicated drilling and operating division, Millennium Exploration Company, LLC, in May and June 2020.
As an active participant in the re-emergence of the South Texas Austin Chalk formation, Millennium’s Chalk Talk #2H well and the Chalk Talk ‘A’ #1H well were placed into commercial production on May 25 and June 10, respectively. These two wells are the first of eight wells that Millennium plans to drill within its strategically positioned 7,200-acre development area.
Each of the two wells penetrated the target Austin Chalk zone with a 4,000-foot horizontal leg. Both wells exhibited oil flow through the skimmer systems during the drilling process as 30 to 50-foot gas flares lit the South Texas night. Millennium, the Operator of Record, controls a combined 75% interest in this ongoing project along with its private equity partners. Plans are currently unfolding to expand Millennium’s Austin Chalk foothold by using their internally developed and proprietary geophysical strategy. The Company will use this strategy to identify other drilling prospects while simultaneously building operational support infrastructure to facilitate more efficient drilling and production operations.
The Millennium companies have specialized in the acquisition, development, drilling, and production of Texas-based oil and gas assets since July of 2006. In nearly 14 years in business, Millennium has created and managed 60 joint ventures consisting of 80 combined wells with a current commercial completion average of about 72%.
“I have a great passion for the art and science of making these projects come to fruition. With two successful completions by spring, we are well on our way to exceeding this year’s production goals. And, by drilling two more wells this year, we can capitalize on lower-cost operations and ready availability of key vendors created by the current state of oil prices,” added Richard Monroy, Millennium’s CEO.