Precision Petroleum Closes Acquisition of Producing Well in Oklahoma
Precision Petroleum has acquired a substantial interest in a very successful well which was recently completed in the Hunton Limestone. The well located in Seminole County is in the South Wewoka Field, SE/4, and Section 31-T8N-R8E. Heath #1 is adjacent to the Karsyn #1 well which has also been recently acquired. Heath #1 had attained maximum flow rates of 85 bbls per day and has now been cut back to approximately 30 bbls per day and 30,000 CFG/D.
These Hunton Limestone wells are known for their longevity while accruing substantial reserves. This well holds 40 acres which will allow one better to be drilled to the Hunton reservoir. The step out well will be drilled to test a possible Cromwell Sandstone which has a history of major reserve potential in this field.
Richard Porterfield, President states that the Karsyn and Heath wells plus the step out acreage opportunity give the Company a major boost for corporate plans to the development of reserves and future production.