Texon Petroleum has said that the sixth well on the Leighton Project, Tyler Ranch #5, has begun to flow oil and gas at the gross rate of 445boepd from the Olmos reservoir (comprising 420bopd and 150mcf of gas per day) through a 8/64" choke.
The combined production rate of the five existing Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and Tyler Ranch #4) at this time is a gross 460boepd with Global Petroleum’s working interest share being 69boepd.
Tyler Ranch #5 has been connected to oil tanks and a gas sales pipeline so that Global Petroleum will now begin to obtain revenue from the production. The time from well spud to revenue earning production has been 22 days.
Global Petroleum has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum and Excellong.