The Powell #2 well at Owl Creek continues to flow naturally under its own pressure at rates over 200 barrels per day. During its first 15 days of production the Powell #2 well has sold 2,832 barrels of oil. Also, the well is selling between 62,000 and 65,000 cubic feet of natural gas per day.
"We are very excited to have acquired this additional acreage at Owl Creek," says Brinx President Leroy Halterman. "The continued high oil production rate at the Powell #2 well was the motivating factor in expanding the company's land position."
Halterman also pointed out that Brinx has made a significant new field discovery with the Owl Creek Project, highlighting that it is a second hydrocarbon showing in the Powell #2, found in the Viola Formation. “This showing is over 50 feet thick, and the logs indicate that it may also be productive,” he said. “And while completion of this second zone will not take place until sometime in the future, it appears very promising."
The Owl Creek Prospect can now be classified as a new discovery in the Trenton zone of the Viola Formation. The Powell #1 Well, which was completed and has been producing and selling oil and gas for approximately 6 months, also has a second potential pay zone--the Upper Viola--and will be tested in the future. Brinx is now actively taking steps to further develop the Field at Owl Creek by evaluating the next development location for drilling to start as soon as possible. The next well will be an offset to the Powell #2 and may potentially contain the same lower pay zone as the Powell #2.
The Powell #2 well was drilled to a total depth of 5,617 feet on May 18, 2006. Completion began on June 6. After a remedial cement job, the well was re-perforated in the lower zone on June 21. The well started naturally flowing oil and gas under its own pressure after only a small amount of the load water was removed by swabbing. Initially, the well flowed at a rate of 10 to 15 barrels of fluid per hour (240 to 360 barrels per day)—with 80% to 90% being oil and the remainder being load water.
Brinx Resources holds a 50% working interest in the 1,200 acres in the Owl Creek Prospect. In addition to the Trenton zone of the Viola, other wells in the immediate vicinity have had oil and gas shows in the upper Viola, Hunton, Hart, Bromides, and Gibson zones. Additional drilling will help further define the project potential in these other pay zones.
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sand Project in Noble County, Okla. (40% interest); the Owl Creek Project in McClain County, Okla. (50% interest); and the Palmetto Point Project in Miss.(10% interest). Brinx Resources is seeking to expand its portfolio to include additional interests North America.
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