Alamo has entered into a well re-entry program with Allied Energy Inc. on its Valentine #1 re-entry well, Ritchie County, West Virginia.
The Valentine #1 well, which is located on approximately 115 acres was originally drilled to approximately 5000 feet in 1981 and produced from the Devonian Shale. The well did not target shallower zones known to be oil bearing.
The re-entry program plans to complete these shallower zones which are believed to contain approximately 140 ft of oil bearing sands. Based on analogue wells in the area, we believe anticipated cumulative production from the recompleted well may be 20,000 barrels of oil.
Allan Millmaker, Alamo's Chief Executive Officer said, "This is another low-risk project to add to Alamo's growing portfolio of quality opportunities which we believe will prove up reserves in the area. We look forward to working with Allied Energy who has a proven track record in West Virginia."
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