Parex Resources: New Oil Discovery at Kitaro-1 Exploration Well

Parex Resources Inc. (TSX:PXT) reported new oil discovery at the Kitaro-1 exploration well.

As quoted in the press release:

Kitaro-1 was spud on April 16, 2012 and was drilled to a target depth of 10,800 feet. The well encountered prospective oil pay in the Mirador and Une formations. The Une Formation is interpreted to have approximately 25 feet of net pay and the top 10 feet of the zone was perforated and tested under natural flowing conditions over a 15 hour period.

Click here to read the Parex Resources Inc. (TSX:PXT) press release.