PLANO, TX, Jan. 7, 2013 /PRNewswire/ – Santa Fe Petroleum, Inc. (the “Santa Fe”) (OTCBB: SFPI) is pleased to provide its corporate update highlighting the company’s fourth quarter accomplishments in 2012.
In early October, the company announced the closing of its first round of funding and its FINRA name change to Santa Fe Petroleum, Inc. From the initial funds we have continued to work toward the completion of our first five (5) well Project with the execution of a joint operating agreement (“JOA”) with our affiliate operator, TexTron Southwest, Inc. The JOA was for the fracing of the first of the five wells (the “Test Well”) in the Barnett Shale formation.
Santa Fe’s engineers are being scheduled to analyze the results of the fracing of the Test Well including the water and chemicals that had been used in the process. Based on the engineer’s results we plan to continue working toward the completion of the first five well Project which will include the natural gas injection well to pressurize the Barnett formation and create potential oil production.
The Test Well location is planned to be enlarged from its current 76+/- acre location to between an 80 & 120 acre location which will include a portion of our leased acreage on its east side. The new location size is designed by our engineers to accommodate the companies first five well project which includes four production wells and one gas injection well. Once the first five well project is in production it will create Proven Undeveloped (“PUD”) locations on its south and west sides. Santa Fe Petroleum’s objective is to lease upwards of at least 20,000 acres in the area of the first five well Project to support the company’s growth plan over the next few years.
Tom Griffin, the Chairman of the Board of the Company stated, “We wish to thank our shareholders for their continued support and confidence in Santa Fe. We have made some solid strides during the last quarter of 2012 with our FINRA name change to Santa Fe Petroleum, Inc. and the completion of our initial round of funding. Through that funding we are continuing to work toward the completion of our first five well Project. I am also pleased to announce that our Common stock is now DTC eligible which will facilitate electronic trading and ease potential investor access. Thank you again and we look forward to an exciting new year as we advance the company’s business plan for growth in 2013.”
Santa Fe’s history of success has been accomplished by maintaining the highest standards possible in the selection of its prospects and in its drilling and operating procedures. Our standards will continue to guide as we review current prospects and new acquisitions.
