$MDMP Carrollton, Texas, March 30, 2021 - MDM Perm
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Posted On: 04/01/2021 8:17:16 AM
$MDMP Carrollton, Texas, March 30, 2021 - MDM Permian Inc. (OTCPK: MDMP) today has announced the completed purchase the Ogelsby #1-A, Irion County, Texas. The effective date of the transaction is April 01, 2021.
https://backend.otcmarkets.com/otcapi/company...50/content
OGELSBY #1-A The Ogelsby 1-A is located on the north outskirts of the city of Mertzon. The well was drilled to the Canyon Sands in 1985, by TXO/Marathon and has produced over 40,000 barrels of oil. T.D. of the well is 6720 ft. and continues to produce Canyon oil and gas. The oil is sold to Sunoco and the gas is purchased by Targa. The well produces a trace of water with the oil and gas. Operating expenses will continue to be low.
“This is a well we have researched and studied for some time and we are extremely excited to add this property to our inventory.” The acquisition of the Ogelsby property is in line with the company’s business plan to increase production and in ground reserves. This acquisition provides a foothold in an additional portion of the company’s area of interest. “We will continue with evaluation of additional properties in the immediate area and add to our leaseholds.”
MDM has assessed the well to have at least 4 overlooked reservoirs, the San Angelo sands, Clearfork sands, Witchita Albany limes, and the Wolfcamp shales and limes. “We are working with our geologist, Bruce Swartz, and NuTech Energy Alliance to determine the best approach for the completion of the untapped reservoirs.” stated Mr. Michael Rafael, President. “The NuTech analysis of each zone is underway and we anticipate that the results will validate our excitement.”
https://backend.otcmarkets.com/otcapi/company...50/content
OGELSBY #1-A The Ogelsby 1-A is located on the north outskirts of the city of Mertzon. The well was drilled to the Canyon Sands in 1985, by TXO/Marathon and has produced over 40,000 barrels of oil. T.D. of the well is 6720 ft. and continues to produce Canyon oil and gas. The oil is sold to Sunoco and the gas is purchased by Targa. The well produces a trace of water with the oil and gas. Operating expenses will continue to be low.
“This is a well we have researched and studied for some time and we are extremely excited to add this property to our inventory.” The acquisition of the Ogelsby property is in line with the company’s business plan to increase production and in ground reserves. This acquisition provides a foothold in an additional portion of the company’s area of interest. “We will continue with evaluation of additional properties in the immediate area and add to our leaseholds.”
MDM has assessed the well to have at least 4 overlooked reservoirs, the San Angelo sands, Clearfork sands, Witchita Albany limes, and the Wolfcamp shales and limes. “We are working with our geologist, Bruce Swartz, and NuTech Energy Alliance to determine the best approach for the completion of the untapped reservoirs.” stated Mr. Michael Rafael, President. “The NuTech analysis of each zone is underway and we anticipate that the results will validate our excitement.”
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