Circle Star Energy Corp. (OTCBB: CRCL) has completed drilling of its second operated well, the Lynd 36-2, in Trego County, Kan.
The well has reached target depth of 4,100 feet. Based on drillstem tests and electric log analysis, the well has encountered multiple potential oil bearing reservoirs. Completion of the well will commence later this month, according to the release.
CRCL operates the well and owns a 25% working interest and a 20% net revenue interest until payout of the Trego County well. Upon payout, CRCL will convert to a 43.75% working interest and a 35% net revenue interest after payout.
Circle Star Energy Corp. is an E&P company based in Fort Worth, Texas.