With three more completions scheduled over the next three weeks, LiteWave is working on the planning stages for the construction of a supplementary pipeline from its properties to the main natural gas transmission pipeline approximately ten miles away.
LiteWave Director and Drilling Superintendent, Gibb McGown, states that at this level of production from only five wells, the Company can economically justify the construction costs for the supplementary pipeline to hook up this gas production for delivery and sale into the main natural gas transmission pipeline. With natural gas prices at today's level, and forecasted to remain strong for the forseeable future, Gibb McGown calculates that the Company should be able to recoup its capital investment of approximately $150,000 for building the pipeline in less than six months.
LiteWave is continuing its acquisition of leasehold acreage in the region, and expects to commit to additional wells beyond the first five over the next two months.
Most Popular Articles