JR Oil & Gas finds large Texas well

HOUSTON, Dec. 28 (UPI) -- JR Oil & Gas Inc. has found a natural gas well at one of its Texas drilling sites.

With oil prices hovering at approximately $95 dollars per barrel and natural gas at more than $7 per 1,000 cubic feet, drilling at prospective sites could be very lucrative.

The site, near Wharton County in Texas, is in an area of the state known to have vast hydrocarbon resources. The drilling depth of the first prospective well will be shallow, about 3,500 feet. Drilling is expected to begin within 100 days, and later the company plans on drilling at deeper depths. Testing of the site has shown that deeper, around 10,000 feet, there are more significant natural gas resources.