The Company is very pleased with the results to date and notes that if the production testing is successful, the Company could complete 10 to 20 additional wells on the Owl Creek property, which would significantly advance the company's operations. In addition, several other pay zones above and below the ones already identified in the first two wells may also be productive on future drill locations thereby creating additional prospect potential.
Drilling of the first well in the project the Powell #1 started November 23rd and was completed to a depth of 5763 feet. On November 29th production casing was set, and completion and testing of the Powell #1 well will also start as soon as a completion rig becomes available. The second phase will soon be underway to complete these zones in both wells and test them for commercial quantities of oil and gas.
The Powell #1 and Johnson #1 wells are located over a mile apart and should one or both of these wells be commercially productive, it would indicate that a significant oil and gas field could exist. The Company's land position covers most of a large 3-D seismically defined structure.
In addition to the Owl Creek Project, Brinx Resources also holds a 40% working interest in two wells and 880 acres in the Three Sands Project that is in the process of completing one disposal well and one production well.
By way of modern technology, combined with historical data, Brinx expects a substantial economic opportunity exists to locate new fields as well as to recover additional oil and gas reserves. The Company is also investigating additional energy-related opportunities on an ongoing basis.
The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties.
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