$MDMP MDM Permian, Inc. - Permian Basin/Ft. Worth Basin Acquisitions
Carrollton, Texas, July 20, 2021 (GLOBE NEWSWIRE) -- MDM Permian Inc. (OTC Pink: MDMP) continues to add acreage in the Southern Midland Basin and the Ft. Worth Basin of Texas.
MDM Permian, Inc. today announced the acquisition of up to 3 more wells, 2 in Nolan County (Permian Basin), and 1 in Wise County (Ft. Worth Basin).
We are proud to announce the engagement of MDM Energy, Inc., our operating company, taking over operations of the Brown lease (2 existing wells) in Nolan County. The company will be performing completion operations on the Brown #1, in the Strawn Sands. The well is a few miles from a Strawn field that had produced over 4 million barrels of oil. NuTech Energy Alliance has done computer simulations of the proposed frack and the results indicate favorable production. The simulation suggests an EUR (estimated ultimate recovery) of 220,000 BO. We will be applying a slick water frack with 145,000 lbs. of proppant to stimulate the zone. Work on this well is scheduled to begin later in the month of August after all transfers have been affected. As part of the deal, MDM Permian will receive a 10% carried working interest. As part of the deal, MDM Permian, Inc. will also acquire a farmout for the undeveloped acreage offsetting the Brown #1 well with a 70% net lease.
MDM Energy, Inc. is also taking over operations for the Peacock #1 well in Wise County. This is a Barrnet Shale well with an oily Conglomerate section. MDM Permian will receive a 10% carried working interest in this well that is producing both oil and gas.