Precision Petroleum has concluded the purchase of a further overriding royalty interest (ORRI) in the Farley Lease, located in Nowata County Oklahoma. This override includes 6 producing wells and a SWD waste water injection bore. In addition, the Company acquired ORRI interests in two fields adjacent to Farley. Both leases produce from the Bartlesville Sand.
The Company intends to initiate a comprehensive water flood and well bore remedial program on the entire area. Richard Porterfield, Petroleum Geologist and President stated that the Engineering proposals are presently being prepared which will convert strategic well bores to injection for reservoir enhancement. He further noted that these remedial workout studies indicate that the recoverable oil potential should increase. Work is expected to commence on this project as soon as possible.
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