Renegade: Up to $8M Proven Reserves for Lost Indian Field
Renegade Energy Corp. on Monday confirmed a total valuation for proven oil and gas reserves of between $5 to $8 million for the Company's Lost Indian Field. The Lost Indian property, located in Creek County, Okla., is a 320-acre field that has maintained steady production over the past 11 years.
After careful evaluation of geological reports from independent and licensed geological experts, these proven below-ground reserves are characterized as conservative valuations. This is the second valuation report we have released in as many weeks as a follow up to the $35 to $40 million in estimated reserves for the Southwest Cushing Field. Renegade will be providing additional valuation and production reports in upcoming releases as soon as verified information is available.
Renegade is focusing an initial strategy of reworking 2 existing, producing oil wells on the Lost Indian acreage for the purpose of significantly escalating production over the next few months. There is no question that Lost Indian can support an additional 5 to 6 producing wells, which would have a materially positive affect on Renegade Energy's production and cash flow. Renegade is exploring several options to expedite the process of bringing as many wells on the Lost Indian Field into production over the course of 2007.
- Renegade: Up to $8M Proven Reserves for Lost Indian Field (Apr 23)