Pilgrim Petroleum Corporation announces its oil production levels increased by an average of approximately 15% over the last two months, after completion of four additional re-activated wells.
The company estimated these additional wells would increase production by approximately 10-12 bpd per well, adding at least 5% more to the portfolio, or 1,500 barrels per month, upon full completion. In addition, the company will apply for drilling authorization from RRC of Texas in Wichita and Archer County, and we will complete well designs and procurement for two well program in 2008; Lock#2, Lock#4. Pilgrim will complete on July 2008, a design for extensive 9 wells on the same area.
Pilgrim Petroleum Vice President of Operations, Jerry Schilling, said, "Pilgrim's Reactivation Program has shown significant progress since its implementation. This year, operations will continue to bring back more inactive wells into production and optimize our existent oil & gas production through reduced production cost, improved production rates and increased ultimate recovery."
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