Brinx Resources reported that the first well of the 2009-3 Oklahoma Project drill program appears to be a significant new discovery.
Electric well logs and a drill stem test that flowed both oil and gas, indicate the strong likelihood of another producing well for the Company.
Logs also indicate that the well has as many as nine separate potential pay zones in three separate geological formations.
The 2009-3-1 discovery is part of a three well program, and is located in the same geographic area as a highly successful well drilled in the 2008-3 program. That well was completed in mid-May and commenced flowing oil and gas at rates between 380 and 400 barrels of oil and 60 mcf of natural gas per day. After six months, the well from the 2008-3 program is still flowing at these same production rates with no decrease in flowing pressures. As of the first of November, the well had already produced over 65,000 barrels of oil and 7,400 mcf of gas.
"Early indications about this discovery are very positive," said President Leroy Halterman. "Adding another producing well and related reserves to the Company's portfolio is always a great accomplishment. The Company is obviously encouraged by these results and is very optimistic about the remaining wells in both the 2009-3 and 2009-2 programs."
A workover rig will be mobilized to complete the 2009-3-1 well and perform any required treatments prior to final testing. Further information regarding the 2009-3 drill program and other ongoing Brinx exploration and development projects will be made available as information becomes available.
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