Precision Petroleum has been advised by its technical consultants that a re-completion and deepening of the Sharon #1 well should enhance the production capacity. The Sharon well located in Garvin County, OK. was initially completed in the Oil Creek Sandstone.
Richard Porterfield, President and also a Petroleum Geologist, stated that he agrees with this recommendation and that the re-entry should double the open hole exposure to this prolific Sandstone reservoir. Mr. Porterfield also stated that current re-completion technology enables the operator to stimulate the existing pay-zone in addition to the reservoir expansion. The project will commence in late June.
The recent major upturn in crude oil and other commodity values is a major incentive to proceed with a comprehensive technical analysis for all of the Company's nine producing leases, to examine well enhancements and step-out drilling programs.
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