Endeavor Power Announces First Sale of Oil from Patrick Henry Lease
Endeavor Power expects to complete the sale and delivery of its first full load of oil from the Patrick Henry Lease by the end of business on Wednesday April 22, 2009.
This first load has been produced from the first 7 wells already in operation, and we anticipate another full load of oil to ship within 10 days. Federated has also brought an 8th well on-line within the last few days.
Though we previously expected to have 13 wells in operation, as previously announced, there is now expected to be a total of 14 wells in operation. Once all 14 wells on this lease are operational, deliveries of full loads of oil are expected to occur at least on a weekly basis. Our joint venture partner, Federated, has advised that each full load of oil represents 100 barrels.
"The results so far have been tremendous and we are excited about the progress we continue to make. We look forward to having all wells operational so we can move forward with additional testing to possibly drill more wells," said Rick Wilkins of Federated.
About the Patrick Henry Lease
The Patrick Henry Lease is located in the North Eastern part of Oklahoma.
Development and production of the Patrick Henry will consist of a combination of primary and secondary recovery. Secondary recovery efforts will include water flood and the use of an NCO2 machine to re-pressure existing formations and enhance and increase production.
The Patrick Henry currently includes thirteen (13) wells and one (1) saltwater injection well re-work project scheduled to be in full production by late spring to early summer. The Patrick Henry is located in Nowata County, Oklahoma and is surrounded by production that has been in existence since the early 1900s.
We plan to re-enter the 13 wells, acid frac the Bartlesville oil pay formation, equip the wells and put them into production. By performing an acid frac on each of the wells we would expect substantial production from each well for 6 months or more and then settled production for a number of years thereafter.
The Bartlesville is divided into 2 distinct members, referred to as Upper and Lower Bartlesville. Upper Bartlesville sand thickness is 9.6 net feet and covers the complete area. Lower Bartlesville averages 24.7 net feet and covers the same area. A shale zone at up to 15 feet thickness separates the two zones. Structure of the shale does not appear significant to the production. Sand pinches to the East and dips gently to the West - North West at the rate of some 60 feet per mile.
These wells are relatively shallow in nature and are inexpensive by today's standards to develop, maintain, and operate.