Jimmy, all we know at this point is what the press release tells us. The existing well is in Oklahoma, it is in excess of about 5000 feet, but will need to be re-entered or have an offsetting well drilled. This will happen after HUSA is able to lease up the 400 acres surrounding the current well. My take is that the operator is some other oil company that actually does drilling. HUSA doesn't actually do the drilling, but it forms partnerships with companies that do drill. The press release said the HUSA will have a 50% working interest.
What got my attention was that Mr. Terwilliger said that there is a potential for 15 to 20 more wells in that area. If all or most of these eventually come in, then HUSA could be a 50% partner in its own little oil field in the Great State of Oklahoma. I spent several years there at Fort Sill, Oklahoma. I've got some great memories of Oklahoma. Oklahoma is really just a part of Texas, anyway :)
By the way, we likely won't get any more information on the Oklahoma prospect until there is something positive to report, like finding oil. Everything else we can read about in the next quarterly report.
Cropduster, didn't you see Gov Rick Perry last night on TV? He declare Oklahoma the largest county Texas has! I think Mr. Terwilliger has made some sound choices in the domestic drilling sits and I hope the news starts coming in regularly and investors see what a great job he is doing. IMHO