Contango Oil & Gas Company announced the discovery and successful completion of the Elliott #1H well (80% WI) in the Muddy Sandstone formation in Weston County, Wyoming (N. Cheyenne Prospect Area). The well tested at a maximum 24 hour rate of 907 Boepd (98% Oil, 39 degree API) from a 6,601 foot completed lateral section using 25 stages of fracture stimulation. Total measured depth was 13,116 feet (6,235 feet true vertical depth).

The Elliott #1H is Contango's initial well in the N. Cheyenne Prospect and is located between two legacy vertical Muddy Sandstone oil fields, being the Fiddler Creek Field to the north and the Clareton Field to the south. Both fields were discovered in the 1940's and have a combined cumulative production in excess of 50 million barrels of oil.

The Elliot #1H was initially drilled as a vertical pilot to a true vertical depth of 6,650 feet. Rock and petrophysical data were collected on multiple prospective zones in the well. In addition to the Muddy Sandstone, the slightly deeper Dakota and Lakota sands were evaluated and exhibit thicker intervals and greater oil saturations than the Muddy. Both of these zones are proven productive in vertical producing wells in the area. These two additional zones could add additional layers of horizontal oil development potential across the leasehold position. The Niobrara Shale was also encountered and shows prospective reservoir characteristics and will be further evaluated in future wells.

Tags: Contango Oil & Gas Company