Considering news of Oil and Gas production and sal
Post# of 43
Posted On: 02/09/2014 2:12:43 PM
Considering news of Oil and Gas production and sales from 4 wells, ho high do you think the stock will go tomorrow?
Could be as high as a few cents. Its not out of the question with only 4 wells producing and 18 more to go. This is a new situation for a company that has been struggling to make a profit. Its looks great and there will be a lot of happy investors tomorrow.According to the PR the company is all set to run the remaining 18 wells.
"Petrotech Oil and Gas is pleased to announce we have completed the following work on the Brown lease. All of the lease roads, the tank battery, and well sites have been rebuilt and graveled allowing for all weather access. All of the electrical has been examined, and either repaired, and or replaced. The disposal well was tested and a manual Integrity Test (MIT) completed for state inspection, and a triplex injection pump was installed to begin disposing of the wastewater. Several leaks were located in gas gathering line to wells, metering/sales point all were repaired, and We have begun selling gas. We have rebuilt five wells and currently have a disposal well and four gas wells producing over 40 MCF per day. As the wells are dewatered and re-injected back into our oil producing zone in the Bartlesville zone we expect the gas production to triple and the oil zone to pressure up and support the 18 well drilling program currently underway. To initiate our 18 well drilling program we engaged a geologist with an extensive background of the various pay zones in the area to spot locations, create a reserve report and develop a dewatering of the gas wells and water injection plan to support our new well program. Our first drilling permit was approved on January the 29th and we began drilling on January 30th Brown well 29-1. The well was drilled to 750" setting 112' of 7" surface casing, Dual Induction and Compensated Density Logs were run showing approximately 15' of pay zone in the upper and lower Bartlesville zones. The 4.5-inch production casing, float shoe, centralizers and casing hanger are set to be delivered and cemented into place as soon as the weather breaks."
Could be as high as a few cents. Its not out of the question with only 4 wells producing and 18 more to go. This is a new situation for a company that has been struggling to make a profit. Its looks great and there will be a lot of happy investors tomorrow.According to the PR the company is all set to run the remaining 18 wells.
"Petrotech Oil and Gas is pleased to announce we have completed the following work on the Brown lease. All of the lease roads, the tank battery, and well sites have been rebuilt and graveled allowing for all weather access. All of the electrical has been examined, and either repaired, and or replaced. The disposal well was tested and a manual Integrity Test (MIT) completed for state inspection, and a triplex injection pump was installed to begin disposing of the wastewater. Several leaks were located in gas gathering line to wells, metering/sales point all were repaired, and We have begun selling gas. We have rebuilt five wells and currently have a disposal well and four gas wells producing over 40 MCF per day. As the wells are dewatered and re-injected back into our oil producing zone in the Bartlesville zone we expect the gas production to triple and the oil zone to pressure up and support the 18 well drilling program currently underway. To initiate our 18 well drilling program we engaged a geologist with an extensive background of the various pay zones in the area to spot locations, create a reserve report and develop a dewatering of the gas wells and water injection plan to support our new well program. Our first drilling permit was approved on January the 29th and we began drilling on January 30th Brown well 29-1. The well was drilled to 750" setting 112' of 7" surface casing, Dual Induction and Compensated Density Logs were run showing approximately 15' of pay zone in the upper and lower Bartlesville zones. The 4.5-inch production casing, float shoe, centralizers and casing hanger are set to be delivered and cemented into place as soon as the weather breaks."
(0)
(0)