Precision Petroleum Acquires Interest in Quinlan No. 4 in Oklahoma
Precision Petroleum has recently purchased an interest in Quinlan No. 4 located in Pottawatomie County, Oklahoma. This well was initially completed as an oil producer, however, the reservoir was subsequently deemed noncommercial. The Company will utilize the well for salt water disposal for the other Quinlan wells that the Company owns an interest. This purchase was essential for the operational economics of the entire Quinlan lease. Quinlan No.'s 1, 2 and 3 are all viable producers; however, the disposal of salt water is a significant cost factor. The reduced cost of disposal will be significant.
Richard Porterfield, President mentions that salt water is a common result with most producing wells in this area of Oklahoma. Owning a field disposal well is of extreme importance for the continued profitability of the producing wells. Porterfield states that the alternative is to accumulate waste water, transport it to a disposal facility and pay to have it injected. This cost can be prohibitive.