I got some input on this situation from people more knowledgeable than me, and their comments have led me to this conclusion: The Maximus vertical well drilled in 2022 was a science well designed to collect data on the Bossier/Haynesville interval in Cherokee County.
Here are some factors that lead to that conclusion:
The well unit was only 40 acres; too small for a producing well.
Drilling was completed on November 7, 2022, but the completion report and other required RRC documents were not filed until September/October of 2025. Definitely kept things secret!
The only casing set was surface casing. Large wellbore to TD with plenty of room for re-entry and sidetracking for horizontal well.
The completion report showed Bossier at TVD of 12,348 and top of Cotton Valley Lime (base of Haynesville) at 13,433. So the Bossier/Haynesville segment is 1,000 feet thick.
The fact that they are proceeding with a horizontal well indicates that the test results were positive.
Whoever is behind this has done a super job of keeping things secret. I still lean toward Expand, but it is also possible that Key has put together a consortium of investors or smaller E&P companies.
We will learn more as facts emerge in the coming days…