New geological information and reprocessed geophysical data has now identified direct offset well locations. The first new well is the Isbill #2-36 and drilling should be complete about 3 weeks after spudding.
The 3-D seismic survey indicates that the Isbill well should be structurally very similar to slightly higher to the field discovery characterized by the Powell #2 well. Up to three potentially productive zones are being targeted, including the current lower producing zone in the Powell #2. The same seismic survey also indicated several other potential new additional locations for future testing.
The Powell #2 well has been flowing naturally under its own pressure for roughly seven months. The well's production had declined to 100 barrel of oil per day but after a second paraffin treatment, the production rate has risen back to over its original rate to over 200 barrels of oil and 70 mcf of gas per day. Based upon the well's response to this treatment the well is showing very little decline or depletion indicating that the producing reservoir and the associate field is larger than earlier believed. Since this well was completed in late June over seven months ago it has produced over 27,000 barrels of oil and 7 million cubic feet of gas contributing significantly to Brinx's cash flow.
"Brinx Resources has made major progress over the past year moving to an Oil and Gas Producer from three separate projects," President Lee Halterman stated. He further stated, "That not only are we producing oil and gas on all three projects but have significant plans to develop additional production from all three projects for the upcoming year and add additional high quality oil and gas projects to our portfolio."
Brinx Resources holds a 50% working interest in the Powell # 2 and 42.5% in the untested portions of 1200 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, Oklahoma (40% interest); the Owl Creek Project in McClain County, Oklahoma (42.5% to 50% interest); and the Palmetto Point Project in Mississippi(8.5% interest). Brinx Resources is seeking to expand its portfolio to include additional interests North America.
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