Pinnacle Energy, an independent oil and gas producer, has acquired working interests in six wells located in Pawnee County, Oklahoma, US. Five of the six wells produce high gravity light sweet crude oil, and the sixth is a saltwater disposal well.
As of August 27, 2008, the five oil wells are producing 20 barrels of oil per day, and 30,000 cubic feet of gas per day, net to the company’s interest. Acquisition cost for the wells was $1 million.
Pinnacle Energy has a 25.5% working interest (20.4% net revenue interest) in two wells, a 20% working interest (16% net revenue interest) in three wells, and a 17% working interest (13.6% net revenue interest) in the remaining well.
Nolan Weir, CEO of Pinnacle Energy, said: Current production and reserve reports suggest that the Glencoe field in Pawnee County, Oklahoma has excellent long-term development potential. We look forward to developing the field to its fullest potential in the very near future.