First National Entertainment Corp, Inc., a U.S. based independent oil and gas company, has negotiated to participate in the Dunaway #1 Well in Seminole County, Oklahoma.
First National Entertainment Corp. has agreed to participate in the recompletion of the Dunaway #1 well and an 80 acre lease in Seminole County, Oklahoma. The Dunaway #1 well was originally drilled to a depth of 3200' and has produced from the Viola Lime and Calvin Sands formations. The Dunaway #1 is located in the highly prolific Seminole County in central Oklahoma. First National has established the work-over procedure and will hire contract operator Proem Energy Management to perform the recompletion procedures. Work is scheduled to begin in the spring 2008.
Potential production of both gas and oil at today's energy prices makes this opportunity a perfect fit for First National Entertainment's strategy of building a low risk portfolio of oil and gas assets one well at a time, creating cash flow for the company while mitigating risk through recompleting wells in well established production areas that have extensive infrastructure of gas sales lines to get product to market immediately.
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