$IBG #OIL in Play! Innovation Beverage Group (Nasdaq: IBG) and proposed partner BlockFuel Energy provided an operational update on Central Oklahoma operations, well reactivation, initial production and development planning.
*BlockFuel reports 15 wells producing, 5 wells completing reactivation this week, peak first-quarter production ~100 boe/d, acquisition support of 54 production wells, 9 SWD wells operational, and development economics estimating EUR ~65,000 boe per vertical well with drilling costs ~$700,000 and recompletions up to $250,000.
*15 wells currently producing and 5 wells nearly online
*Peak initial production reached approximately 100 boe/d
*Acquired asset base includes 54 existing production wells
*All 9 saltwater disposal wells operational to support production
https://www.morningstar.com/news/accesswire/1...t-progress
*BlockFuel reports 15 wells producing, 5 wells completing reactivation this week, peak first-quarter production ~100 boe/d, acquisition support of 54 production wells, 9 SWD wells operational, and development economics estimating EUR ~65,000 boe per vertical well with drilling costs ~$700,000 and recompletions up to $250,000.
*15 wells currently producing and 5 wells nearly online
*Peak initial production reached approximately 100 boe/d
*Acquired asset base includes 54 existing production wells
*All 9 saltwater disposal wells operational to support production
https://www.morningstar.com/news/accesswire/1...t-progress
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