Black Dragon is about to begin the most lucrative phase of its Humble Enhanced Oil Recovery Project. This phase of the project entails the use of a patented chemical that has been proven to greatly increase oil flow figures for already producing shallow oil wells that exhibit high permeability and porosity, traits associated with our Humble oil wells.
By forcing the chemical down a centrally located well via pressurized steam into the extremely porous Miocene Sand Formation, the chemical will break loose and thin the oil which is embedded in the sand and force it toward the surrounding production wells, stimulating output numbers to an estimated 50 BOPD per well.
According to Scott D. Smith, Chairman and CEO, "Dragon is using the Humble EOR project as a blueprint for other similar leases in its portfolio. The company's blueprint focuses on substantially increasing oil production flows on existing wells by using 21st century recovery technologies. We believe that we can easily replicate the success of this project and plan on quickly drilling two additional five well patterns on this same lease. With offshore drilling becoming limited due to unfortunate developments in the Gulf Coast Region, Dragon's focus on increasing oil production on existing onshore wells is timely."
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