Precision Petroleum has acquired a 100% working interest in 4 producing Bartlesville Sandstone wells. These Sandstone leases are located in Section 31, T27N-R16E, Nowata County, Oklahoma. Two oil wells are currently in production and on line while the other two wells are awaiting remedial recompletion to enhance the Bartlesville Sandstone.
An important inclusion in the lease acquisition is an approved salt water disposal (SWD) well which will serve the waste disposal needs from the 4 wells. Richard Porterfield, President stated that the geology of this location is promising, the lifting costs will be minimal and we expect these 4 locations to further complement the overall production revenues of Precision.
Porterfield states that the Company has now acquired interests in 18 oil and gas lease locations in Oklahoma's prime production areas. For those wells which require re-completions, the Company will immediately embark on remedial programs to ensure maximum recoveries. The Company anticipates that all costs associated with bringing all of the leases to their optimum capacities will be funded from production cash flow.
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