MNVN News
Mondial Ventures, Inc. Completes First Of Several Planned Acquisitions For Working Interest In Producing Oil And Gas Properties In West Texas
2012-08-03 08:30 ET - News Release
Acquisition To Include A Work Program To Increase Production And Future Drilling Programs On Additional Properties SCOTTSDALE, Ariz., Aug. 3, 2012 /PRNewswire/ -- Mondial Ventures, Inc. (OTCBB: MNVN) is pleased to announce the acquisition of a working interest for the oil producing property J.B. Tubb Leasehold Estate/Amoco Crawar Field, North 40 with additional related equipment from EGPI Firecreek, Inc. (OTCBB: EFIR). Terms for the purchase of the North 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field consists of a 37.5% working interest ("WI"), 28.125% net revenue interest ("NRI") in the oil and gas interests, and pro rata oil & gas revenue and reserves for all depths below the surface to 8500 ft. including all related assets, fixtures, equipment, three well heads and three well bores. The field is located in the Permian Basin and the Crawar Field, which is directly adjacent to property operated by Chevron Corporation in Ward County, Texas (12 miles southeast of Monahans and 30 miles west of Odessa in West Texas). Based on engineering reports, the working and net revenue interests carry a gross value of $1,150,000. Currently, there are three wells in operation on the property currently producing approximately 300+ barrels of oil per month. Plans are to immediately increase and stabilize oil and natural gas production, thereby increasing initial production to approximately 900 to 1000 barrels of oil per month, with additional anticipated oil production increases, as the remedial work programs progress.The purchase also includes the Highland Production Company No. 2 well-bore in the oil and gas interests and pro rata oil & gas revenue and reserves with depth of ownership from 4700 ft. to 4900 ft. This property is located and is part of the Crawar field, which is currently considered to be one of the most prolific oil & gas fields in West Texas. Several major oil companies have already established several ongoing drilling projects in this large field. Present Crawar field statistics show overall production capabilities of 500,000 barrels of oil and 4.6 BCF of natural gas per month respectively. Additional terms for the purchase include an option to develop and drill a series of wells on the J.B. Tubb Leasehold Estate/Amoco Crawar Field, South 40. The following formations are currently available for oil & gas drilling considerations in the South 40 acreage: Glorietta, Upper Clearfork, Tubbs, Lower Clearfork, Witchita Albany, Wolfcamp, Detrital Zone and Waddell formations.
