Bonanza Oil and Gas announced that the production level of the Jackson Well, in the past couple of months, has increased by approximately 50% after performing re-fracturing stimulation of the well.
The Jackson well is in the Apclark Field, Borden County, Texas, and is operated by Westerly Exploration, Inc. Apclark Field is 5 miles East of the Jo Mill Field and has produced over 54,000,000 barrels of oil.
The Company is continuing to evaluate other asset properties that may be purchased and/or merged into the Company. As of today, we have entered a Letter of Intent (LOI) for current production in Oklahoma, and are actively seeking additional producing opportunities. The transaction under LOI is subject to the drafting and negotiation of a final definitive agreement, performing due diligence as well as board approval of the Company. As such, there is no guarantee that the Company will be able to successfully close the above transaction.
Bill Wiseman, President/CEO, stated, "The Company is pleased with the improved performance in Apclark. We will continue to implement our business plan and strategy, by developing PUDS, and adding proven reserves to the Company."
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