$MOLOF news out!!! Molori Energy Adds To Productio
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Posted On: 03/23/2017 9:35:53 AM
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$MOLOF news out!!! Molori Energy Adds To Production
VANCOUVER, BC / ACCESSWIRE / March 23, 2017 / Molori Energy Inc. (MOL.V) (MOLOF) ("Molori" or the "Company"
is pleased to announce that as part of its continuing re-development program, the Company has, in the past 60 days, successfully returned to production the State A and State C leases in Hutchinson County, Texas. The total portfolio of available well inventory in these leases is 42 oil wells and 12 gas wells (total of 54 wells). Of the 54 wells in inventory, 20 have been returned to production adding an average of 70 barrels of oil equivalent per day ("BOEPD" * of production (comprised of oil and high BTU gas).
In addition, our Texas-based operating partner Ponderosa Energy, has successfully rehabilitated roads, reconnected gas sales flow-lines, and restructured storage facilities on the State A and State C leases. A third party analysis was conducted, and proved commercial quantities of high-BTU gas (in excess of 1600 BTU) which has generated a substantial premium in sales price in relation to spot NYMEX.
Presently, the Molori and Ponderosa partnership is producing approximately 380 BOEPD from the State A and the State C leases, as well as continued work-overs from other leases in inventory. This demonstrates a 35 percent increase from our prior update (production as of January 1, 2017) of 280 BOEPD, and an 850 percent increase from our initial investment that was producing 40 BOEPD in June of 2016. A new reserve report will be commissioned by Molori within the next few weeks, to adequately reflect the increase in RTP (return to production) reserves.
The State A and State C leases form part of a former flowing river, which has not produced oil or gas since drying up several years ago. Based upon the flow rates of the recently re-worked wells on these two leases, the Company believes that the State leases alone offer the capacity to double current production.
Joel Dumaresq, CEO of Molori commented, "As evidenced by the recently-disclosed NI 51-101 reserve report (see press release dated March 13, 2017), the Molori and Ponderosa partnership has increased P1 reserves to approximately USD $27 million while at the same time successfully re-working over 70 wells and improving daily production to an average of approximately 380 BOEPD. We fully intend to invest further in building reserves and production, with the goal of reaching our stated near-term production goal of 1,000 BOEPD by this time next year."
Molori holds a 25% working interest in certain leases owned by Borger, Texas based Ponderosa Energy, LLC.
* Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value. The ratio of gas to oil is approximately 40% gas and 60% oil on all production.
Read Full: http://finance.yahoo.com/news/molori-energy-a...00571.html
VANCOUVER, BC / ACCESSWIRE / March 23, 2017 / Molori Energy Inc. (MOL.V) (MOLOF) ("Molori" or the "Company"
is pleased to announce that as part of its continuing re-development program, the Company has, in the past 60 days, successfully returned to production the State A and State C leases in Hutchinson County, Texas. The total portfolio of available well inventory in these leases is 42 oil wells and 12 gas wells (total of 54 wells). Of the 54 wells in inventory, 20 have been returned to production adding an average of 70 barrels of oil equivalent per day ("BOEPD" * of production (comprised of oil and high BTU gas). In addition, our Texas-based operating partner Ponderosa Energy, has successfully rehabilitated roads, reconnected gas sales flow-lines, and restructured storage facilities on the State A and State C leases. A third party analysis was conducted, and proved commercial quantities of high-BTU gas (in excess of 1600 BTU) which has generated a substantial premium in sales price in relation to spot NYMEX.
Presently, the Molori and Ponderosa partnership is producing approximately 380 BOEPD from the State A and the State C leases, as well as continued work-overs from other leases in inventory. This demonstrates a 35 percent increase from our prior update (production as of January 1, 2017) of 280 BOEPD, and an 850 percent increase from our initial investment that was producing 40 BOEPD in June of 2016. A new reserve report will be commissioned by Molori within the next few weeks, to adequately reflect the increase in RTP (return to production) reserves.
The State A and State C leases form part of a former flowing river, which has not produced oil or gas since drying up several years ago. Based upon the flow rates of the recently re-worked wells on these two leases, the Company believes that the State leases alone offer the capacity to double current production.
Joel Dumaresq, CEO of Molori commented, "As evidenced by the recently-disclosed NI 51-101 reserve report (see press release dated March 13, 2017), the Molori and Ponderosa partnership has increased P1 reserves to approximately USD $27 million while at the same time successfully re-working over 70 wells and improving daily production to an average of approximately 380 BOEPD. We fully intend to invest further in building reserves and production, with the goal of reaching our stated near-term production goal of 1,000 BOEPD by this time next year."
Molori holds a 25% working interest in certain leases owned by Borger, Texas based Ponderosa Energy, LLC.
* Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value. The ratio of gas to oil is approximately 40% gas and 60% oil on all production.
Read Full: http://finance.yahoo.com/news/molori-energy-a...00571.html
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