The company today said a “rat hole” rig is now at the Coal View Unit 31-4 (CVU 31-4) to prepare for the Cyclone Drilling Rig 16, scheduled to begin drilling by Friday.
It is expected to take 35 days to complete the drilling program.
The rig will then drill the Peltier 11-12 well on the Bear River Project.
CVU 31-4, the first well at Tow Creek, is designed to test three separate reservoir intervals in the Cretaceous-aged Niobrara Formation on the eastern flank of the Tow Creek anticline.
It will be drilled with a special aerated drilling mud system designed to minimise damage to the fractured reservoir.
The well is estimated to cost $US1.8 million ($A2.3 million) to drill, complete and equip.
CVU 31-4 is targeting gross recoverable oil reserves of 200,000-540,000 barrels of oil with upside potential in excess of 500,000bbl.
Comet Ridge is operator of both Tow Creek and Bear River with interests of 37.5% and 33.75%, respectively.
Comet Ridge and partner, Colorado Strike Oil, a wholly-owned subsidiary of Strike Oil, are each paying 50% of the cost of the first two wells, CVU 31-4 and Peltier 11-12. Thereafter the companies will pay their working interest share.
The wells will be followed by CVU 18-14, subject to drilling permits being received from the state and county.
