SAN ANTONIO, Texas, May 30, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Chief Executive, Richard Monroy, and the Millennium Exploration Company, LLC management team announce the successful completion of the Uncle George #1 Well (formerly Goree #1) as part of the Goree #1 3-D Joint Venture in Bee County, Texas. The vertical well flowed back approximately 16 barrels ("bbl") of sweet light crude oil along with 1,294 thousand cubic feet of gas ("mcf") over a 24 hour time period on a 16/64 choke. At the end of the testing period the well is continuing to flow on its own.
Millennium Exploration Company partnered with Texron Operating, the originators of the prospect, in August of 2013. After evaluating the risk factors of this particular drill, and together investing in high resolution 3-D Seismic Data, it was decided that it was necessary to move the location to better increase the odds of success. "We are pleased that the investments we made on finding the proper location have paid off in a big way," says Mr. Monroy. Millennium Exploration Company adheres to several principles when determining what projects to get involved in. Among these highly discriminating requirements are; proven regional production, economically favorable leases and trade terms for prospects and high resolution 3-D Seismic Data. All must be present ingredients of a prospect before Millennium will further review its merits. Those principals are what attracted us to this project.
In Bee County alone, the Pettus and Yegua sands have produced over 20,000,000 barrels of oil. The Yoward Field is still currently undergoing evaluations as to where the next drilling location will be. Millennium Exploration Company currently holds the drilling rights to 250 acres of further development area.
For more information on Millennium Exploration Company visit our website http://www.millenniumexploration.com or email pr(at)millenniumexploration(dot)com
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