EnerBrite to Double Production with Infill Drilling, Gas Flood Program
EnerBrite Technologies Group, along with its wholly owned subsidiary Rebel Oil Company, announced its plan to implement an infill drilling and gas flood program. With an infill drilling and gas flood of the Weir sand, the Company should double existing production on the property. After the deep exploration wells are drilled and assuming one successful well, an additional unrisked net present value is estimated to be $24 million per well at an 8% discount factor. The Company intends to pursue further acquisitions in Kentucky to expand on its current interest in 76 oil wells in Johnson County.
"This is an example of how we intend to increase shareholder value through the implementation of our business model,'' said Jack L. Stapleton, President of EnerBrite Technologies Group. "We are truly optimistic about the growth potential of the Company.''