Precision Petroleum was recently notified by the operator that they are in the process of remedial upgrades for Mason Burns #2 and Teresa #1. Both wells are located in Garvin County, Oklahoma.
The Teresa well has now produced in excess of 5,000 barrels of oil and 44,000 MCF of natural gas from the Viola Limestone. The Viola will be acid injected to stimulate this production area. This is an industry standard rework procedure for the Viola formation. We expect a rapid recovery of oil and gas flow following the acid flush.
Mason Burns #2 is also on the remedial program. The well currently produces from the Bromide Sand Sequence and a remedial entry to flush and stimulate the zone is common with this formation. Porterfield mentions the Mason Burns bonus which is the presence of a substantial Viola Limestone formation which lies behind pipe. Upon the ultimate depletion of the Bromide, we will re-enter, perforate and fracture the Viola. We expect this to extend our production potential for several years from this well.
Precision Petroleum Corporation has assembled 18 production leases located in Oklahoma which are now in full operation effective July 1st, 2009. Precision is also presently exploring various oil and gas opportunities in Montana, British Columbia and Alberta.
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