$MDMP MDM Permian, Inc. - Permian Basin Updates
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Posted On: 08/10/2021 11:20:46 AM
$MDMP MDM Permian, Inc. - Permian Basin Updates
https://www.globenewswire.com/news-release/20...dates.html
Carrollton, Texas, Aug. 10, 2021 (GLOBE NEWSWIRE) -- MDM Permian Inc. (OTC Pink: MDMP) today has announced continued good news and advances in our overall business plan in the Permian Basin. Building value in the ground, with permits issued, reserves assessed, continuing audit services, and 2nd Quarter financials posted.
“We are very excited about the growth we are able to achieve during the second quarter of 2021 and look forward to continued growth in the 2nd half of the year.” Stated Mr. Michael Rafael, President and CEO. “I am also proud to announce the appointment of Christopher “Todd” Garner as our Chief Financial Officer. I believe with Todd’s oil and gas background; he will be a significant addition to the team.”
Financials
The second quarter financials have been posted to the OTC with the supplemental added for the reserves on the Oglesby 1-A well in Section 37, Irion County. The report details each zone as proven and/or probable. The analysis was done by Pinnacle Energy Services, Oklahoma City. Several more wells will be assessed and posted to subsequent quarterly filings.
Reserves
In 2019, Lee Kecik, a Petroleum Engineer with Ecco Petroleum, Inc. did a preliminary assessment of our 25 square mile area of interest. Lee’s report estimated that up to 84 million barrels of recoverable oil was still available for harvest. Lee recently updated that report by thoroughly assessing the San Angelo sands in the area. Lee’s report indicates that the San Angelo could add up to 19 million barrels of original oil in place per 640-acre section. ‘Assuming a 15% recovery factor, this could be a very considerable addition to the overall reserve base for this field’ according to Mr. Michael Rafael, President.
Permits
MDM Energy, Inc. has received the first permit to drill a 2000 ft San Angelo sands well on the Lindley A lease. The well is a direct offset to the Lindley A-3 well that had identified a rich San Angelo section at 1900 ft. A full AFE is being prepared by our geologist and engineering team.
Audit Services
MDM Permian, Inc. is in the final stages of our audit being performed by M&K CPA’s, Houston, Texas (performing both Tax and Audit services). They will be doing Federal tax returns for both MDM Permian, Inc. and MDM Energy, Inc. They are also performing an audit looking back 2 years that will allow for the company to move to QB. M&K is a PCAOB Registered Firm and can be found at www.mkacpas.com
Permian Acquisitions
MDM Permian, Inc. continues to pursue purchase of existing production and leases HBP (held by production) with stripper Canyon wells.
https://www.globenewswire.com/news-release/20...dates.html
Carrollton, Texas, Aug. 10, 2021 (GLOBE NEWSWIRE) -- MDM Permian Inc. (OTC Pink: MDMP) today has announced continued good news and advances in our overall business plan in the Permian Basin. Building value in the ground, with permits issued, reserves assessed, continuing audit services, and 2nd Quarter financials posted.
“We are very excited about the growth we are able to achieve during the second quarter of 2021 and look forward to continued growth in the 2nd half of the year.” Stated Mr. Michael Rafael, President and CEO. “I am also proud to announce the appointment of Christopher “Todd” Garner as our Chief Financial Officer. I believe with Todd’s oil and gas background; he will be a significant addition to the team.”
Financials
The second quarter financials have been posted to the OTC with the supplemental added for the reserves on the Oglesby 1-A well in Section 37, Irion County. The report details each zone as proven and/or probable. The analysis was done by Pinnacle Energy Services, Oklahoma City. Several more wells will be assessed and posted to subsequent quarterly filings.
Reserves
In 2019, Lee Kecik, a Petroleum Engineer with Ecco Petroleum, Inc. did a preliminary assessment of our 25 square mile area of interest. Lee’s report estimated that up to 84 million barrels of recoverable oil was still available for harvest. Lee recently updated that report by thoroughly assessing the San Angelo sands in the area. Lee’s report indicates that the San Angelo could add up to 19 million barrels of original oil in place per 640-acre section. ‘Assuming a 15% recovery factor, this could be a very considerable addition to the overall reserve base for this field’ according to Mr. Michael Rafael, President.
Permits
MDM Energy, Inc. has received the first permit to drill a 2000 ft San Angelo sands well on the Lindley A lease. The well is a direct offset to the Lindley A-3 well that had identified a rich San Angelo section at 1900 ft. A full AFE is being prepared by our geologist and engineering team.
Audit Services
MDM Permian, Inc. is in the final stages of our audit being performed by M&K CPA’s, Houston, Texas (performing both Tax and Audit services). They will be doing Federal tax returns for both MDM Permian, Inc. and MDM Energy, Inc. They are also performing an audit looking back 2 years that will allow for the company to move to QB. M&K is a PCAOB Registered Firm and can be found at www.mkacpas.com
Permian Acquisitions
MDM Permian, Inc. continues to pursue purchase of existing production and leases HBP (held by production) with stripper Canyon wells.
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