Brian Jones, president of Creston Resources, stated, "These additional funds will primarily go towards the high priority wells under our refurbish and workover program. I am also pleased to report that we have reestablished production on the first several wells in the program. If results continue similar to the first several wells, Creston should begin generating cash flow in line with management's goals." The company plans to issue a production update when 14 wells have been brought on line.
Creston Resources is an emerging oil and gas exploration and production company focused on the development in the prolific Uintah basin of Utah. The company's strategy includes increasing production by reworking its lower production wells (which may include, in some cases, perforating new zones) and drilling new wells from among the offset and infield locations available on its acreage. Most locations are believed to offer multiple prospective pay zones, from moderately shallow to moderately deep. Creston will also seek additional opportunities to acquire projects with production and/or acreage with proven or potential reserves.
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