Mexco Energy Corporation (Amex: MXC) today announced completion of a new well in Loving County, Texas.
Mexco acted as operator on the re-entry of its Carpenter #1 well which produced at a rate of 617,000 cubic feet of gas with 24 barrels of oil and 612 barrels of water per day at a flowing tubing pressure of 200 pounds per square inch, on a 48/64" choke. This flow test was conducted by an independent testing service on April 21, 2009. The well was plugged back to a depth of approximately 4,345 - 4,355 feet in the Delaware (Ramsey) producing interval after an unsuccessful attempt to produce from the deeper Cherry Canyon formation. Mexco's working interest in this well is 50.2% (net revenue interest of 37.63%).
The Carpenter #1 well is located 1.6 miles west-northwest of the Company's Mexco Steelhead #1 well on a 100 acre drilling and spacing unit in Loving County. This property was acquired in July 2008. Mexco has no present plans for drilling additional wells in the immediate vicinity.
The rates at which this well will be produced and sold have not yet been determined and may be substantially different from these potential tests, based on regulatory and engineering considerations as well as performance of the well over longer periods of time.
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