Mondial Ventures, Inc. announced future drilling plans for the first of at least three new well locations on the J.B. Tubb Leasehold Estate located in Ward County, Texas. The company initially owns 37.5% of the working interest and a 28.125% net revenue interest. The company earlier announced plans to drill its first deep well are now being updated and expected to commence early this summer.

Plans include first targeting the Ellenburger formation on the company's J.B. Tubb Leasehold Estate at approximately 8,300' foot depth, with a CAPEX requirement now set at approximately $1.6 million. These plans are included for proposed development of the company's South 40 Participation Agreement with its working interest partners, and based on recommendations by independent Certified Geologist. As previously reported, the company plans to drill up to three more wells on the South 40 location via its option rights Participation Agreement.

First objective is to drill the Ellenburger well on the South 40, and Geologically updip location. The Crawar Field that the J.B. Tubb Leasehold Estate has multiple producing horizons. According to Geologists, the Ellenburger formation sits along a fault plane increasing viability noted below 6,200' and viable at approximately 8,300' -8,400' feet.

The second and third target well locations are in the Waddel formation to 7,700-7,900' foot depth, and for the Wolfcamp formation at approximately 6,200' foot depth, respectively with additional CAPEX requirement of approximately 2.6 million.