Supernova Energy, Inc. reported oil discovery in two recently drilled wells on the 140 acre Antle lease in Kentucky. As the company recently announced on November 3, 2015, three new wells have been drilled as part of the company's farm-out agreement, dated August 31, 2015. As a result of the drilling, Supernova's team has determined oil is present in two, Antle #2 and Antle #3, of the three wells.

Supernova's drillers will be running completion on Antle #2 and further evaluating Antle #3. Each well has been drilled to an approximate depth of 1,650 feet at no cost to the company which holds a 10% net revenue interest. Antle #2 will be producing oil from the Knox formation while Antle #3 had oil coming into the hole from the Murfreesboro formation. Of the two wells, the company believes that Antle #2 is showing stronger potential for commercial production.

The company intends that an initial production rate will be reported once the completion is finished. Antle #1 will be assessed but due to the success of the other two wells, Antle #1 may be plugged and not completed. If plugged, Supernova will not incur any additional cost associated with that well.

Supernova's future plans for the Antle lease include an analysis of the drill logs and formation mapping, ultimately leading to an expert's final assessment of the remaining areas on the lease to identify additional drill locations within the same formations. Considering the recent oil strikes on the lease, Supernova will consider conducting the drilling on its own to obtain a greater working interest percentage up to 87.5%.