Precision Petroleum Plans to Extend Well Reserves at Oklahoma Lease
In a news release Dated February 27, 2009, Precision Petroleum announced the purchase of an interest in a producing Viola Limestone well, Teresa #1. The well is located at NW/4, of the SW/4 of Section 34, T4N-R2W, Garvin County, Oklahoma. Teresa #1 has been in production since 2004, and has produced in excess of 5,000 barrels of oil and 44,000 MCF of natural gas. The Viola Limestone formation is a consistent oil & gas producer and displays excellent porosity.
Richard Porterfield, Petroleum Engineer and President of the Company advises that the Deese Sandstone formation, with a 25 foot pay zone, is also present in the Teresa #1 well. The Deese Sandstone formation is above the Viola Limestone and is behind pipe. As the Viola is depleted, the Company plans to perforate and fracture the Deese reservoir which should substantially extend the well reserves. Adjacent Deese wells have produced in excess of 40,000 barrels of oil. Mr. Porterfield states that the presence of the Deese reservoir provides a major economic opportunity for the Company over the next several years.