Precision Petroleum Purchases Stake in Ok. Well
Precision Petroleum has purchased 58.375% of the Thompson #2 well located in Garvin County, Oklahoma. Thompson #2 is currently producing from the Viola Lime hydrocarbon-structure.
Richard Porterfield, President, advises that the company will proceed with an immediate remedial work-over on the Thompson #2 well. This work-over involves a cement squeeze on a lower formation which will in fact prevent salt water from entering the Viola reservoir. Porterfield, a Petroleum Geologist stated that this intrusion from a nonproductive formation has a major impact on the production capacity. He further stated that the cement barrier will allow the Thompson #2 well to produce from the Viola which previously had a very promising production capacity.
Oil production should increase 2 to 3 fold with this procedure. Other Thompson wells in adjacent leases have produced in excess of 22,000 bbls. These adjacent wells have not been subjected to the salt water intrusion encountered in #2.
Precision Petroleum continues to evaluate all of its 26 leases in Oklahoma and will embark on recovery maximization of these oil and gas reservoirs with the application of superior production techniques and engineering solutions.