Freestone Resources Inc. reported that recompletion of the Byrd A1 oil well will begin on February 26, 2008. The Byrd A1, located in the Turner-Gregory field in Mitchell County, Texas, was purchased by Freestone in the second quarter of 2007 as a workover prospect. The purchase of this well included all surface and well equipment, an 80-acre lease with 100% of the working interest and an 83.4% net mineral lease. The well is drilled to a depth of 2900 feet which exploits the Clear Fork formation. The Byrd A1 was drilled in March of 1972 and has produced over 26,000 barrels of oil.
Representatives of Freestone will be onsite next Tuesday, when a workover rig begins the initial work. A new pump will be set downhole, and the production tubing will be pressure tested to ensure tubing integrity. Finally, the rods and pumpjack will be inspected, repaired if necessary, and serviced. After all downhole and surface equipment is repaired and serviced, Freestone representatives will perform a Petrozene near-bore treatment at the tubing perforations. The well will be shut in for 48 hours to allow for maximum contact time of the chemical, and then the well will be turned back into production by weeks end.
This particular Petrozene treatment will utilize an additional chemical additive that Freestone has been testing in the lab. This chemical has shown, when added to Petrozene, to enhance Petrozene's effectiveness and reaction time when used in specific instances. In lab tests, this additive has been shown to enhance Petrozene's penetration of certain hydrocarbons. This well has the characteristics that should allow this additive to add benefit to the treatment. This "test treatment" should demonstrate our commitment to fully realizing and increasing the value of Petrozene by constantly searching for better treatment techniques and synergistic additives. Obviously, we will release pertinent production figures on the Byrd A1 within the next few weeks.
Finally, the Freestone accountants will be in office this week in order to bring the company's filings up to date for the Auditors. This moves Freestone one step closer to becoming a full reporting company, and will allow the completion of asset allocation to Freestone Resources from Freestone Oil and Gas, as previously discussed.
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