Production news: Molori Energy Adds To Production -$MOLOF
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.
https://finance.yahoo.com/news/molori-energy-...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.
https://finance.yahoo.com/news/molori-energy-...00571.html
