Petroflow announced that, on September 3, 2008, for the first time in the Company's history, daily production exceeded 3,000 BOEs per day of production at 3,070 BOEs (18,420 mcfe) per day.
"This is a tremendous milestone for our Company. Starting at zero in June 2005, we have grown our production to over 3,000 BOEs per day almost entirely through the drill bit," stated Petroflow's COO, Sandy Andrew.
Petroflow has also proved an update regarding August 2008 operational results including the current status of Oklahoma drilling activities.
During the month of August 2008, Petroflow's exit rate was 2,917 BOEs (17,502 mcfe). The Company averaged approximately 2,790 BOEs (16,738 mcfe) per day of production during August of which approximately 18% was oil and 82% natural gas and associated liquids. Average daily production, net to the Company's working interest, increased by 6% over July 2008.
Oklahoma Drilling Activity
During July 2008, Petroflow commenced drilling activities on its first new project area in Oklahoma outside of the original seven county Farmout area in which the Company had previously concentrated its efforts. Petroflow completed an initial saltwater disposal well on August 4, 2008 and immediately commenced drilling its first production well.
"This expansion of our activities marks a new highlight for Petroflow Energy," stated Company CEO, John Melton. "This well is the first of several wells we intend to drill in this area, and we expect this opportunity will increase our rate of growth well beyond the original Farmout limits.
"To date we continue to enjoy a 100% success rate in our Oklahoma drilling activity. Our average daily production net to our working interest in the field increased 7% over July 2008."
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