EGPI Firecreek, Inc. announced the initiation of a new workover and development program with its oil operator and partner Success Oil Company, Inc.
Success Oil will be perforating into new untapped virgin pay zones called the Glorieta Formation in the Crawar #2 well in West Texas. This area is a proven behind pipe oil & gas zone at the target depth of 3,900 feet. Upon completion of the perforations being shot, the well will be acidized immediately and expected to be fracked in the near future. Success Oil estimates usual recoverable amounts at 75,000 bbls. of oil and 100,000 mcf of natural gas for this formations pay zone.
Dennis Alexander, EGPI's CEO, stated, "We have been anxiously anticipating the start of this workover and development program. The Glorieta Formation with its proven untapped reserves offers us a unique opportunity to produce oil and gas without going through the risk and expense of wildcat drilling. We are extremely happy to have our operator and partner take part in our latest workover program and look forward to the development of our multi-well drilling program on the South 40 of the Tubb Leasehold Estate later this year."
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