Sun River Energy to drill in Colfax County

New Mexico Business Weekly - Sun River Energy Inc. plans to drill for oil for the first time on property it holds in Colfax County in northern New Mexico. Sun River signed a nonbinding letter of intent with Strata Resources Inc. of Dallas to conduct drilling as a joint venture. The companies will compile about 10 miles of three-dimensional seismic imaging, and drill three test wells in oil-bearing formations above 5,000 feet in the Raton Basin in Colfax County, said Sun River President and CEO Don Schmidt. “The carried working interest Sun River negotiated gives us the chance to participate in the development of these properties at no cost to the company,” Schmidt said. “Strata will bear all costs associated with drilling, completing and bringing these wells to production.” After four years of research and exploration, Sun River believes there’s a significant oil play in that area of the Raton Basin, Schmidt told the Business Weekly. Read More News New Mexico

Sun River Energy to drill in Colfax County