Energas Resources Says Parkway Project Exceeding Expectations
Energas Resources reports the results of flow tests done on 9 of the wells in the Parkway Project. The Company's Field Superintendent ran flow tests on the wells and the initial natural gas production from these 9 wells is expected to average 296 MCF per well per day.
The Parkway Project currently consists of 23 wells. The Company has a 100% working interest in the field and is in the process of constructing a pipeline to deliver the gas from the Parkway to the market. "We're very excited about these production levels and anxiously await the completion of the recently announced pipeline," said Scott Shaw, Vice President.
Energas also announces that the Truby #1 well, recently drilled in the Rock Creek Prospect in Kansas, in which the Company has a 13.7% net interest, has tested to be un-commercial and plans are being made to plug and abandon this well.
"The Parkway Project continues to exceed our most optimistic
expectations," stated George Shaw, President. "We expect the
production from these 23 wells to increase our annual revenue several
times over, as well as to generate substantial levels of cash flow and
earnings per share at a high level of return on investment. In
addition, the field holds excellent potential for growth through the
drill bit. Consequently, the Parkway will be our main focus for the
foreseeable future. Meanwhile, our interest in the Rock Creek
Prospect, Kansas should continue to generate good free cash flow."
- Energas Plugs, Abandons Lake Devore Well (Aug 09)
- Energas Commences Drilling on Lake Devore Prospect (Jul 27)
- Energas Anticipates Spudding at Co. Well (Jul 20)