The wells, originally drilled by Tillman Oil Co., will be re-opened to add to the production of approximately 1,800 barrels per month from the previously drilled wells on the lease. Pilgrim hopes to reestablish production at the rate of five wells per month and anticipates production of 4 to 7 barrels of oil per day from each well.
The extra production would add at least 250 barrels per day when the project is completed, or 7,500 barrels per month. This figure, however, will not include new wells to be drilled in the same area.
Irving, Texas-based Pilgrim Petroleum Corp. is a publicly traded independent oil and gas company. It is acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production.
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