The company today said reservoir engineers and its technical team are working to determine if the fractures that were interpreted on the image logs across the Niobrara section in the well bore have been plugged during the drilling and completion process.

Comet Ridge said it is working on a plan to enhance productivity from the well bore and is considering operations that will require a workover rig.

Its consultant image log specialists have re-confirmed their analysis that the target reservoirs are fractured and that the fractures appear to be open.

“Oil was observed in the drilling mud after penetrating the lower part of the reservoir and oil has been produced during the completion and during the production testing,” Comet Ridge said.

“The pressure in the hole continues to build at a consistent rate, indicating a steady inflow of oil is occurring and confirming that the well is in communication with an oil-bearing fracture system.”

The company said it is critical that careful analysis of all of the available data is conducted prior to further action and investment.

Comet Ridge and partner Strike Oil are jointly funding the drilling of the Peltier well.

All earning requirements on the Bear River prospect have been completed and both companies now own a 33.75% working interest.

The remaining 32.5% interest in the project is held by several private US entities.