Ignis Petroleum Begins Barnett Shale Production
Ignis Petroleum Group reports that the Inglish Sisters #3 well in the Barnett Shale has begun production after a successful completion. The Inglish Sisters #3 began recording revenue on April 7, 2006 and, as of April 17, 2006, has produced 1,300 barrels of oil and 7.1 million cubic feet of gas. Ignis holds 12.5% of the working interest, which is equal to a 9.375% net revenue interest, in the well before payout and 10% of the working interest, which is equal to a 7.5% net revenue interest, after payout. Ultimate recovery and reserve estimates will be determined based on an analysis of production data obtain during the next several months. The well is located in Cooke County, Texas and Rife Energy Operating, Inc. of Fort Worth, Texas is the operator.
This well is the first of three wells in which Ignis is currently participating in the Barnett Shale. The other two, the Powell #1 well, located in Montague County, Texas and the Powell #2 well, located in Cooke County, Texas, are scheduled to be fully completed during the month of April 2006. Ignis holds the same level of working interests and net revenue interests in these wells as it does in the Inglish Sisters #3 well.
Michael P. Piazza, President and CEO of Ignis stated, "We are pleased to have the opportunity to participate in these wells in which continual improvement in completion techniques are resulting in increased levels of average initial and sustained production rates in this more "oily province" of the Barnett Shale. These wells are part of Ignis' program to use advancing technology to enable recovery of oil and gas reserves in the onshore United States while building a diverse portfolio of proven oil and gas properties."
Ignis Petroleum Group, Inc. is a Dallas-based oil and gas
production company focused on exploration, acquisition and development
of reserves in the United States. The Company's management has closely
aligned itself with strategic industry partnerships and is building a
diversified energy portfolio. It focuses on prospects that result from
new lease opportunities, new technology and new information.
- Ignis Petroleum Acquires Anadarko's Liberty Hills Prospect in Louisiana (Sep 07)
- Ignis Taps Stancil to Head Exploration (Jan 04)
- Ignis Petroleum Acquires Acreage in Barnett Shale (Sep 29)