Precision Petroleum Acquires Interest in Sharon #1 Well in Oklahoma
Precision Petroleum has now successfully acquired its fifth producing lease. Today, the Company announces the purchase of a working interest in Sharon #1 which is located on the SW/4 of Section 5, T3N-R1E, Garvin County, Oklahoma. The Sharon well was drilled and completed to the top of the prolific Oil Creek Sandstone which has excellent horizontal and vertical permeability.
Richard Porterfield, Petroleum Geologist and President of the Company, stated that Sharon has significant potential whereby the lower portion of the Sandstone contains an estimated additional fifteen feet of pay zone. The Company intends to re-enter the well, and slightly deepen the remaining reservoir. The cost would not be significant; however the expected increase in production would provide a substantial payback.
Mr. Porterfield advises that the well will continue to produce as presently completed and that upon the advent of expected increases in oil prices, the lower section will be entered.