Symskaya was formed in 1992 by Equity and Leucadia National Corp. to explore for and develop oil and gas on 440,000 hectares in the Krasnoyarsk region of eastern Siberia.
Utah-based Equity said it expected to begin drilling its first exploratory well during the first week of October.
Equity said Symskaya had activated its drilling contract with Yeniseyneftegasgeologia, which would act as drilling contractor in the first well, the Lemok No. 1, in the Symskaya area of Krasnoyarsk.
Supplemental Western drilling equipment provided by Symskaya Exploration is now in Russia and is being shipped to the drilling site.
Equity has operations in nine western states and Canada.
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