The Jackie Scott #1, Permit #101363, located about 10 miles east of Edmonton, Ky., began flowing oil when drilling reached a depth of 1,662 feet in the Knox formation.
"Based on the initial flow of oil, we believe this well is capable of producing up to 500 barrels of oil a day and may eventually settle down to 200 barrels a day," said Ricky Rogers, CEO, Rick-Rock Oil, Inc.
"The 200 to 500 barrels of oil a day may be a conservative estimate," said Anthony Young, Young Oil Corp., which owns an interest in the well and will joint-venture the development of the newly found oil field. "We are just north of the Mellridge oil field that produced thousands of barrels of oil years ago. We don't think this is an extension of that field, but a brand new field with virgin reservoir pressure."
"It looks like we may have another Newberry field here," Young said. The Newberry #11 came in flowing at a rate of 1,728 BOD in September 2004. It was the eighth producing in the field, located in Overton County, Tenn., south of the new Metcalfe County well. We have an excellent lease position surrounding the Scott lease and plan to work with Rick-Rod Oil to develop it immediately to capitalize on these excellent oil prices."
Young said the two firms would start by drilling offset wells and step out locations to this new flowing oil well in the very near future.
Rick-Rod Oil, Inc. is a privately owned oil and gas exploration with operations in Kentucky.
Young Oil Corp. is a privately owned oil and gas exploration and production firm, with operations in Kentucky and Tennessee.
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