JayHawk Energy reported that the two wells recently drilled on the Company's Crosby, North Dakota property have been completed and are expected to commence production upon the installation of battery and surface facilities which is currently in progress. Both the Knudson#1 and the Jenks#1 were perforated and acidized over two intervals of the reservoir within the Ratcliffe pay zone. Based on the oil rates achieved during testing, JayHawk expects both wells to produce at commercially viable rates in the midrange of the Company's expected production parameters which are between 30 to 40 barrels of oil per day. The delay in completion of these wells is directly related to the prolific drilling activity taking place in the Williston Basin area where the company's core properties exist.
"The downhole pressures taken in the two wells were consistent with expectations and we are delighted with the oil test results from both wells. We are anxious to get both wells producing and increasing revenue for the company," said JayHawk President, Marshall Diamond-Goldberg.
JayHawk expects additional reserves and revenue growth via the execution of its drilling and well development program. JayHawk's management team will now begin planning its program objectives for an additional 40 locations in its over 15,000 acre leasehold position in the Williston Basin of North Dakota.
The successful completion of the first two development locations solidify the company's initial plan to move forward on its 40 well development program on the Crosby property. "The commercial viability of these wells is a substantial milestone for our Company," said Lindsay Gorrill, CEO of JayHawk Energy. "The entire JayHawk team is looking forward to utilizing our growing financial strength and expertise to continue developing additional opportunities and increasing shareholder value as we expand our operations."
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