"It’s impossible to overemphasize the importance of this event," said George Shaw, Energas' president. "While we’ve only hooked up the first two wells of 23, those two wells should significantly enhance the company's overall revenue. This year should show a consistent ramp up in our production, revenue, earnings, and cash flow as we continue to hook up additional wells."
"The pipeline successfully passed a 48-hour pressure test," said Scott Shaw, the company's vice president. "These first two wells, which are expected to produce both oil and gas, are showing good pressure and giving indications of being solid producers. We should have initial production rates soon." He adds that Energas has constructed pipeline to the third and fourth wells and anticipates adding production from these wells in the near future.
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