Otis Energy keeping drillbit busy for the rest of 2012 

(MENAFN - ProactiveInvestors - Australia) Otis Energy (ASX: OTE) has a busy drilling schedule for the remainder of this year, with plans to participate in up to 6 wells in North America.

These include an additional well at the Comanche, up to 2 wells at both the Sombrero and Charro projects as well as a possible well at the Catahoula Lake.

At Comanche in Texas, Otis has already drilled one successful horizontal well and is currently drilling a second well.

Up to 40 wells may be located on the acreage using conservative 160 acre drainage. Total recoverable reserve within the target Mississippi Lime is estimated at about up to 10 million boe, or 1 million boe net to Otis.

Otis is looking to drill an additional well here in the third or fourth quarter of this year.

The oil targets at the Sombrero and Charro oil projects in New Mexico are also attractive with typical wells near Sombrero producing between 50,000 barrels to over 1 million barrels of oil over their life while the Paddock/Blinebry formations at Charro have average gross reserves of between 110,000 and 125,000 barrels of oil equivalent.

At least 1 and possibly 2 wells may be drilled on both Sombrero and Charro in the fourth quarter.

Meanwhile, Otis and its partners at Catahoula Lake are looking into the possibility of drilling a well using a land rig while the lake is drained during the late third or early fourth quarter.

About 20% of the Lake can be accessed by a land rig during the late summer.

The company had 2 successful wells out of the 5 that it drilled earlier this year, both of which will be tied into existing production facilities.