Fortune Oil and Gas, Inc. (FOGC) to Reopen Six Oil Wells This Spring
16 Maggio 2011 - 1:30PM
Marketwired
Fortune Oil & Gas, Inc. (PINK SHEETS: FOGC)
(www.fortuneoilandgascorp.com) subsidiary Cressent Energy
(http://www.cressentenergy.com/) is reopening 6 shallow oil wells
in North Texas.
Newly acquired U.S.-based oil and gas company Cressent Energy
expects to reopen six shallow wells in North Texas. It takes about
3 days to put the wells back in business and Cressent expects to
pump out 20-25 barrels of oil per day from these reopened
wells.
Cressent anticipates producing up to 200 barrels of oil a day by
the end of the year after reopening almost three dozen Texas oil
wells. With oil prices hovering around $100 per barrel, it's
looking at pumping approximately $20,000 worth of oil to the
surface each day. That translates to about $7 million annually if
everything goes as anticipated. Cressent has all of the equipment
necessary to operate these relatively shallow oil wells, and it
won't need to spend additional funds to acquire new machinery in
order to exploit them.
Oil wells are sometimes reopened because rising prices have made
what were once economically unviable deposits viable once again.
Sometimes wells still have viable reservoirs of gas oil but are
overlooked because the tools used when the well was originally
opened were not technically advanced enough to detect all of the
available deposits. It would seem that there may be life left in
many a well once considered exhausted, and in times such as these,
with oil prices rising ever higher, these wells become commercial
viable once again.
FOGC followers may expect frequent and timely updates from the
company on any new developments in a timely fashion.
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