Petrolympic announced the completion of the Acid Stimulation on the 80-2V well located on the Chittam Ranch property in the Texas Maverick Basin. The operator, "Big Shell Oil & Gas, Inc.", stimulated the lowest level reservoir and will appraise the reservoir characteristics of multiple stacked oil bearing horizons starting with the bottom and working its way up. The target reservoir is now on test and Petrolympic expects to announce production rates in the near term.
"Well 80-2V responded extremely well to our stimulation techniques which included the use of new acids that were specifically designed to maximize production," commented Robert Kinsey, Petrolympic's Chief Engineer. "We are currently testing and expect to have production numbers out in the near future. I am very pleased with our progress to date and we hope to discover additional untapped potential as we work our way up through the multiple hydrocarbon bearing horizons."
"This was a low cost vertical well which we were able to complete in a relatively short period," said CEO Mendel Ekstein. "The geology which underlies well 80-2V is prevalent throughout the property and if the oil production rate warrants expansion our goal is to drill multiple wells at 40 acre spacing on the 8,000 acre Chittam Ranch Property which would provide for significant production."
During drilling of the well, Petrolympic penetrated 7 oil and gas bearing horizons. The Chittam Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittam Ranch property.
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