Allied Energy provided the following field update for its Cox lease in Rogers County, Oklahoma.
The Company is tentatively scheduled to move a rig on location in the next week or two to begin drilling the Micheyla #3 and #4 wells located on its Cox lease in Rogers County, Oklahoma.
The Micheyla #1 and #2 wells were put in production in the latter part of May and are currently producing an estimated and combined 20 - 25 BO per day.
"Our plans are to drill the Micheyla #4 first and then reconfirm the #3 location," said Steve Stengell, Allied's President. "Since May 27th, the Micheyla #1 and #2 have produced and shipped an estimated 543 barrels of crude oil", added Stengell.
Allied has also contracted an independent third party petroleum geology firm to assist them in making future drilling plans in the area.
On May 15, 2010, Allied tested the Howard #1H Well located in Grimes County, Texas at a flowing rate of 4,011 MCFGD on a 20/64" choke with associated condensate. It is anticipated that this well will initially produce at the sales rate of ~ 2,000 MCFGD and potentially higher in the future. The Company is currently underway constructing the production facilities, the gas flow lines and preparing the project for ongoing producing operations. The Company is also making plans for additional horizontal projects in the East Texas Basin as a direct off-set to the Company's existing vertical oil production in the area.
There exist tremendous risks and uncertainty associated with oil and natural gas development including, but not limited to, the geological and mechanical risks associated with drilling, completion and production operations. The Company can make no assurances as it relates to estimated reserves, production rates, reservoir characteristics, net or gross pay-zone, timelines, etc. for any oil and gas project.
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