Xtreme O&G has completed its acquisition of working interest in the Hancock Well from the well operator, Husky Ventures. Hancock is located in the Sooner trend in the Anadarko Basin and is drilled to the Hunton formation. The operator expects production to begin next month.
The Hancock well is adjacent to another Hunton well that has produced 18,000 barrels of oil in the previous 9 months and is within a mile of the Company's Robinson well which has produced over 38,000 barrels of oil in the past 12 months. These wells are all exploiting similar vertical geological structures that are present in the Company's Kansas properties making horizontal drilling and fracturing technologies an excellent choice for these projects.
"Xtreme continues to leverage our key strategic relationships to expand our oil property holdings," stated Willard G. McAndrew, CEO of Xtreme. "The Hancock and Robinson wells are using the same successful technologies that will be applied in Kansas. Our collective experience in horizontal drilling technologies has created significant value for all the partners, who have spent approximately $22 million perfecting the science. We expect this well to generate production similar to the surrounding wells in the next 12 months."
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