San Antonio, Texas-based Millennium PetroCapital Corporation, placed its third Austin Chalk oil well online in Gonzales County, Texas, in October of 2020.
October 27, 2020 06:01 AM Eastern Daylight Time
SAN ANTONIO–(BUSINESS WIRE)–Millennium PetroCapital Corporation,a recent finalist for the regional Better Business Bureau’s Torch Award for Marketplace Ethics, is a privately held parent company specializing in South Texas and Texas Gulf Coast oil and gas exploration and development. Millennium has successfully continued its Chalk Talk multi-well development plan in the famously prolific Austin Chalk formation. The Company has put three Austin Chalk wells into production through its dedicated drilling and operating division, Millennium Exploration Company, LLC, from May to October 2020, with plans to drill a fourth well before year’s end.
Imagination, Boldness, Tenacity & Reputation. Millennium displays its Core Values as an active participant in the Austin Chalk formation re-emergence currently unfolding in South Texas. Millennium placed into commercial production its Chalk Talk #2H well and the Chalk Talk ‘A’ #1H well on May 25 and June 10, respectively, with the Chalk Talk ‘B’ #3H going into production on October 6, 2020. These three wells are the first of eight wells that the Company currently plans to drill within its strategically positioned 7,200-acre development area, with the fourth well scheduled to follow before the end of 2020. Each of the three wells penetrated the targeted Austin Chalk zone with a 4,000-foot horizontal leg, and all three wells exhibited oil flow through the skimmer systems during the drilling process as their 30 to 50-foot gas flares lit the South Texas night.
Continued Austin Chalk Development Program – Millennium, aside from being the Operator of Record of the Chalk Talk development, 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 exploration strategy. The Company will use this strategy to identify other drilling prospects while simultaneously building regional operational support infrastructure to facilitate more efficient drilling and production operations.
Energy Development from Concept to Cash Flow – The Millennium companies have specialized in developing, acquiring, drilling, and producing Texas-based oil and gas assets since July of 2006. In nearly 15 years in business, Millennium has created and managed 60 joint ventures consisting of over 80 wells with a current commercial completion average of about 72%. “Our team has an amazing passion for the art and science that goes into making these projects come to fruition. Millennium is a sophisticated corporate body whose ever-evolving departments function together to carry out these elaborate projects symphonically. Through its systems, processes, and, most importantly, its people, our company’s collective ability allows management to pursue increasingly creative and ambitious ideas. Accomplishing one more Austin Chalk well in the calendar year 2020 will allow us to capitalize on the current window of lower-cost operations. In this way, we can simultaneously provide needed work for our key vendors, who have been struggling financially due to the current state of oil prices,” added Richard Monroy, Millennium’s CEO.