Brinx Resources has successfully completed the first well at the 09-3 Oklahoma Project. Initial flow test results of the 09-3#1 well confirm that this represents a significant new discovery.
The 09-3 #1 well was perforated in one of the lower zones on January 22. Since perforation, the well has flowed at rates of 450 to 550 barrels of fluid per day with an oil cut ranging from 50 to 70%. It is believed that the water is primarily the result of the drilling and completion process, and that most if not all of it will disappear shortly.
The natural gas production rates are estimated to be between 200 and 300 mcf per day. At present, a gathering line is being laid and the well should be producing, and subsequently selling, both gas and oil within the next two days.
"The Oklahoma Project continues to impress," says Leroy Halterman, President of Brinx Resources. "The additional revenues to be garnered by a new discovery well such as this will undoubtedly aid in expansion of company developments, and in turn, continue to create value for our shareholders."
As previous announced, initial electric logs indicated that the 2009-3#1 well may have intersected as many as nine separate potential pay zones. Further log analysis has defined three additional pay zones with similar characteristics that lie above the current tested and producing pay zone and are located within 60 feet of this zone. Two more pay zones were also identified in different formations at shallower depths. Each of these potential pay zones will be evaluated and considered for production as soon as possible.
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