Black Dragon's EOR Technology Shows Positive Results
Black Dragon announced that Black Dragon's EOR technology has demonstrated positive results. According to EOR Principal, the Davis well was producing 4 barrels a day. They injected 1.100 barrels of water with the chemical and the well produced 150 barrels in 36 hours. That was the maximum volume the Davis well could pump. They feel by increasing the size of their pumping system, the well could produce 500 barrels a day. Dragon Management was also told that the Davis lease only shows 1/2 of the reserve of the Humble property. Again Dragon plans to have the fifth well drilled and be injecting the chemical before month end. The cost to purchase this patented steam injection equipment can be recovered in 150 barrels creating a nice ROI for the furnace and equipment necessary to increase Humble's production substantially.