Petrol Oil & Gas Drills Another Three Successful Wells
Petrol Oil and Gas, Inc. reports that it has successfully completed the drilling of its third new well in December on its Petrol-Neodesha property in southeast Kansas. Petrol successfully drilled fourteen gas bearing coal bed methane (CBM) wells in Fiscal 2005 in Petrol-Neodesha, representing a 100% success rate. Petrol expects to continue an aggressive drilling program throughout 2006.
"We are quite pleased to close 2005 having drilled fourteen new CBM production wells in our Petrol-Neodesha properties," said Paul Branagan, Petrol's Chairman and CEO. "Although our field development program is focused on our Coal Creek property, where we are currently in a 40 plus well development program, Petrol-Neodesha is our producing field and thus each new well provides gas sales as quickly as we get them stimulated and connected to our gas gathering lines. Currently, we have 90 production wells in Petrol-Neodesha with 87 completed and connected to the sales line."
According to a December 31, 2004 Reserve Report, Petrol has gross
Proved Reserves amounting to approximately 9.9 Billion cubic feet
(BCF) within its Petrol-Neodesha properties. Petrol-Neodesha, located
in the Thayer field, is a very active CBM gas producing area and lies
within Wilson and Neosho counties, Kansas. Petrol currently produces
natural gas from 87 producing wells in Petrol-Neodesha and has a 100%
working interest in its wells. Petrol believes, with its recently
completed financing, that it will be able to significantly increase
the level of proven reserves.
- Petrol Names Steve Littell Chief Operating Officer (Aug 22)
- Petrol Welcomes New Board Members (Dec 14)
- Petrol Closes on Additional Financing for Coal Creek Project (Jun 07)