Molori identified what it believes may be one of the best onshore exploration and development opportunities existing in the continental USA – drilling the Red Cave Formation.
After commissioning an extensive study on the poorly understood and underdeveloped Red Cave formation in the Hugoton Basin of north Texas, the Company identified an opportunity to employ massive-scale fracs similar to those presently being utilized in the Permian Basin, to access untapped oil and gas in the formation. Molori has quietly assembled an impressive land package and recently completed its first appraisal well into the Red Cave, where it conducted a 250,000 lb frac job. This well, known as the “Thompson 23-1R”, is now producing both oil and gas from the Red Cave formation. Molori’s highly-experienced technical team is presently evaluating the approximately 800 potentials well locations that have been identified within its Red Cave acreage position with an eye to how this acreage can most effectively and expediently be developed.
In January 2018, Molori drilled as “operator” an oil and gas discovery into the Red Cave formation on one of two leases upon which it presently owns a 75% working interest in Moore County, Texas. These two leases directly adjoin acreage held by independent Adams Affiliates of Tulsa, OK who have drilled a series of Red Cave discoveries over the past two years. Molori plans to focus its efforts and resources over the next 24 months on the approximately 800 well locations it has secured with access to the Red Cave.