Precision Petroleum buys interest in seven-well package

Precision Petroleum has purchased a 5% working interest in a seven-well package located in Garvin County, Oklahoma.

The sale, which was effective 1 September 2010, includes reconditioned downhole equipment along with reconditioned surface equipment on each of the seven wells purchased.

Production from the producing well package includes various productive horizons uniquely specific to each well that includes the Deese Sand, Viola Limestone and one 1st Bromide Sand.

According to the company, several wells have an uphole zone that has not been produced in the area but calculates productive on logs giving the package potential virgin up hole production along with the established lower productive horizons.

Precision Petroleum is engaged in the acquisition, exploration and development of oil and natural gas properties in North America.