Production casing is currently being run on the remaining two wells, Prichard-3 and Wheeler-1, with fraccing to begin in the coming weeks, Alto said.

In addition, project operator Hay Exploration has drilled two new wells in an initial five-well drilling program.

Alto managing director Greg Channon said the fraccing result was important, as it proved the validity of the Home Run Project.

“Home Run is now shown to be productive not only at the primary target Devonian Shale level, but also at several secondary targets,” Channon said.

“We now have two drilling rigs and one frac crew active in the Home Run Project, and expect to have nine wells fracced and completed in the coming months. Most wells are close to infrastructure and can be put into production quickly.”

Under a prior farm-in agreement, Alto gained access to four existing well bores to frac at the Devonian Shale level. The deal also provided for the drilling of five wells in the Home Run project, to be followed by an optional further five-well program.

Alto is funding 100% of the four well completions and the 10-well drilling program, to earn 50% revenue from the existing wells and 75% revenue in the drilled wells. The company said it would then have a 50% working interest in all subsequent wells in a 20,000-acre area.