There are currently 52 wells on the property, of which 44 are producing an average of 35bopd, and the non-producing eight wells are scheduled to be worked over and put back online.
Once online, the wells are projected to produce 5bopd each, and it will bring the total daily production to 72bopd, which will calculate to approximately $114,600 monthly cash flow post operations and $1.37m annually.
Additional plans are to develop 10 new oil wells at an estimated cost of $75,000 per well, and these new wells are projected by a third party independent engineer to produce an estimated 20bopd each initially, and decline an estimated 25% the first year.
Following the successful execution of this ten-well program, the company will commence another 80 well drilling program.
