Young Oil Hits Another Big Tennessee Oil Well

The Young Oil Corporation has drilled in a new oil well that came in flowing at the rate of 97 barrels of oil a day (BOD) from the Fort Payne formation at a depth of 400 feet.

The Lucy Newberry #4, located seven miles northeast of Livingston, Tennessee, in Section 9, Township 2S, Range 52 E, is the fourth Fort Payne field discovered by Young Oil in Overton County in the last six years.

"We put this well on pump without treatment and it is pumping at a rate of 85 BOD," said Anthony Young, CEO, Young Oil Corp.

Young discovered the Peace Fort Payne oil field in 1998, when the Nancy Peace #4 came in flowing at the rate of 192 BOD. It had produced more than 100,000 barrels of oil from a depth of 433-455 feet and is still a commercial producing well today.

"We fully expect this new Fort Payne field to be as good if not better than the Peace field," predicted Young. "We expect to drill offsets and step outs to this new flowing well in the near future."

In addition to developing the new Fort Payne field in Overton County, Young is scheduled to drill several well near a Pickett County, Tennessee Ordovician well that came in flowing 800 BOD. Young is also developing the 3,700-acre Gernt natural gas lease in Fentress County. The firm has drilled some eight Monteagle natural gas wells, built a gas gathering system and is currently beginning to sell natural gas into an intrastate pipeline. Young plans to drill an addition 24-40 more wells in the Gernt gas field.

Young Oil Corporation is a privately owned oil and gas exploration and production firm, with operations in Kentucky and Tennessee. Young utilizes its own drilling rig to drill all its wells. The Tennessee Oil & Gas Association named young Tennessee Oil Man of the Year in 1999. In 2002, Young had the best productive well to dry hole ratio in the state, with 57 producing wells out of 72 drilled.