Drake Gold Resources Provides a Myers Lease Update
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Posted On: 01/30/2013 10:07:58 AM
Drake Gold Resources Provides a Myers Lease Update
The previously announced 80 barrels of production was new production from reworked wells. All of this production was generated from those wells which were reworked and subsequently pumped with the oil being stored in our tank batteries installed around October, 2012.
Due to the inclement weather and our dirt road access to the well locations, the wells have not been pumped very much in the last few weeks even though we now have more than the previously reported 80 barrels of oil in our tank battery. In addition, we know that we have additional production in the well bores which will continue to be pumped in the coming weeks, weather permitting. These are stripper wells that are pumped on the most cost effective schedule based on the rate of flow in that specific well bore. Some of these wells can be pumped on a daily basis, while others will only produce both commercially and economically-viable amounts over a longer time interval, i.e. some will be pumped several times a week while others will only need to be pumped once or twice a week.
In the upcoming weeks, we will also be commenting on the title to the lease that we will be gaining. In fact, if all the oil was sold in our tank battery as of today, we will have title to the lease as per our agreement with the previous lease owner. However, due to the economies of scale, we are waiting for both tank batteries to be full before we get the oil hauled and subsequently sold.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Contacts:
Drake Gold Resources Inc.
Peter Matousek, 775-410-4458
CEO
IR@DRAKEGOLD.COM
Source: Drake Gold Resources
The previously announced 80 barrels of production was new production from reworked wells. All of this production was generated from those wells which were reworked and subsequently pumped with the oil being stored in our tank batteries installed around October, 2012.
Due to the inclement weather and our dirt road access to the well locations, the wells have not been pumped very much in the last few weeks even though we now have more than the previously reported 80 barrels of oil in our tank battery. In addition, we know that we have additional production in the well bores which will continue to be pumped in the coming weeks, weather permitting. These are stripper wells that are pumped on the most cost effective schedule based on the rate of flow in that specific well bore. Some of these wells can be pumped on a daily basis, while others will only produce both commercially and economically-viable amounts over a longer time interval, i.e. some will be pumped several times a week while others will only need to be pumped once or twice a week.
In the upcoming weeks, we will also be commenting on the title to the lease that we will be gaining. In fact, if all the oil was sold in our tank battery as of today, we will have title to the lease as per our agreement with the previous lease owner. However, due to the economies of scale, we are waiting for both tank batteries to be full before we get the oil hauled and subsequently sold.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Contacts:
Drake Gold Resources Inc.
Peter Matousek, 775-410-4458
CEO
IR@DRAKEGOLD.COM
Source: Drake Gold Resources
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