American Capital Partners Limited, Inc. announced that Upstream Petroleum Corporation began producing oil from its newly acquired Homestead B Lease, and will complete the final stages of a re-work program to bring it to full capacity.
Presently, the Homestead B lease is operating at a 50% capacity with 4 oil producing wells online. By the end of July, Upstream will finish the final stages of the program and have 8 wells running and pumping oil on the Homestead Lease. With the new oil producing wells online, Upstream will more than double its oil production capacity in its Louisiana properties and see a increase in its gross profits of over 100%.
"This development will move the company closer to its goal of being a premier oil and gas company with an eye on orphaned domestic leases and offshore exploratory leases in Central America," commented Joseph Kump, President of Upstream Petroleum Corporation.
Upstream continues to seek out and negotiate the acquisition of these orphaned domestic leases that need a minimum of capital upgrade and that provide steady growing income.
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