Wright Drilling & Exploration Announces Successful Drilling and Testing of Second Oil Well Project in Okfuskee County, OK

Okfuskee County, Oklahoma, September 27, 2016 (Newswire.com) - Wright Drilling & Exploration, Inc. announced today the successful drilling and testing of their second oil well project, the Waylon #1, in Okfuskee County, Oklahoma.

The Waylon #1 oil well is one of several strategic project locations in Okfuskee County, Oklahoma, and was drilled to a total depth of 3,704 feet.  Based on the interpretation of electric logs and comparing its data with key well information, the Waylon #1 well encountered approximately 16 feet of total net oil pay in the Upper Gilcrease and Lower Gilcrease formations.  Production casing has already been set and the well will be completed and put into production within the next couple weeks. The results of a production test on the first of the two pay-zones will be announced following completion.

Michael W. Wright, Chairman and Chief Executive Officer of Wright Drilling & Exploration, commented, “Waylon #1 is our second successfully drilled oil well in Okfuskee County, Oklahoma and proves we have the right team of experienced professionals in place to find rewarding drilling locations for our investing partners.  We expect Waylon #1 to be in production early October and its first of many monthly revenue checks distributed before Christmas.”

Source: Wright Drilling & Exploration, Inc.