G. Allen Murrell, owner of Southeastern Energy, Inc. and North American Resource Group said, "The well began flowing oil out of the ground within 15 seconds of drilling into the pay zone!" Southeastern Energy is a full service oil and gas developer located in Glasgow, KY.
The new well is flowing an estimated 40 barrels per hour still shut in. Although very early in its life, if this well were opened up, it would probably produce several thousand barrels a day. At today's record high oil prices, this well could have the potential to make a huge amount of money in a short period of time.
The company's other owner, Doug Smith, hit the largest well in Tennessee history in neighboring Overton County in 1994. Smith stated at the time, "I have seen plenty of big wells drilled in but I have never seen one come to the ground that quickly. It made about 90 barrels of oil in 15 seconds! Over $3,000 of oil in 15 seconds, I'd say that's quick."
Smith and Murrell have several other leases in Pickett, Fentress and other Tennessee counties they plan to drill. They also have areas in the Western United States, including Texas, which will be drilling soon.
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