The company has begun funding and initiation of a workover and development program for the recently acquired working interest in the oil producing property.
Mondial has secured financial backing to provide for perforating into the new Glorieta Formation, a proven behind pipe oil & gas zone at the target depth of 3900ft, in the Crawar #2 well in West Texas.
After completion of the perforations, the well is expected to be acidized and put back onto production.
Success Oil, the properties operator, has estimated usual recoverable amounts of up to 75,000 barrels of oil and 100,000 million cubic feet of natural gas for this formation’s pay zone.
Mondial chief executive Dennis Alexander said "We are pleased to be moving forward on schedule with this workover and development program. We believe this work in the Glorieta Formation with its proven untapped reserves will provide for a profitable increase in production and should be an excellent return on investment."
