WW Energy -- a holding company that was created to acquire oil and gas service companies as well as oil and gas-related assets -- has signed a Letter of Intent for the reworking of 3 wells located in Borden County and Snyder, Texas.
The Borden County well was drilled to a depth of 4525 – 4600 feet with an initial rate of 65 bbls per day. WW Energy also has a well located in Snyder, Texas that the Company expects to drill on. The LOI also includes an additional well that has been permitted for disposal. The Texas located wells were shut in, in the early 1990s. WW Energy intends to begin reworking wells 1 and 2 in the Snyder located area. The Snyder properties represented one of the largest oil booms dating back to the 1940s and 1950s. Currently, the price of crude oil is approximately $90 per barrel. Management will report on the progress of the LOI as information becomes available.
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