Mitchell #4 production numbers just PR'd by Treaty
Post# of 39368
Mitchell #4 production numbers just PR'd by Treaty!
Mitchell #4 Well in Tuscola, Texas Exceeds Expectations and Assigned an Initial Production Rate of 61 BOPD
NEW ORLEANS, LA – June 17, 2013 - Treaty Energy Corporation (OTCQB: TECO) ( www.treatyenergy.com ), a growth-oriented international energy company, announced today the production results of the Mitchell #4 well in Tuscola, Texas.
On June 6, 2013, swabbing operations on the Mitchell #4 well were concluded. The well was put into full production that same day and the well was assigned an initial production (IP) rate of 61 barrels of oil per day (BOPD). The Mitchell #4 well is consistently producing between 45 to 50 BOPD.
TECO expected a marginal production increase of 5-10% over the Mitchell #3 well based upon initial geology reports. The consistent production rates of the Mitchell #4 have exceeded internal expectations by almost doubling the performance of the Mitchell #3 well.
As of June 17, 2013 the combined tank reading for the Mitchell #4 stands at approximately 19’ 4” or 388 barrels of oil.
Mitchell #3 well, which was announced at 25-30 BOPD, has remained constant and has produced over 650 barrels of oil. Since being put into production, TECO has sold approximately 355 barrels of oil from the Mitchell #3 well. The oil sold on Mitchell #3 is rated at an API Gravity of 47, which is considered high quality crude oil.
The performance of the Mitchell #4 well brings the total production of the Mitchell Lease at 70 to 80 BOPD. To date, the Mitchell lease has produced over 1000 barrels of oil since Mitchell #3 was put into production