WAITING ON PERMIT TO DOUBLE GAS PRODUCTION! Brakens #1 has been re-entered and tested for MCF production at a rate of 400 MCF per day or 400 x 365 days = 146,000 mcf (Brackens #1). All gas production for Wentworth in 2009 was 135,304 mcf. That would mean 281,303 mcf a year (current + Brackens) and they are looking at entering more closed off wells. That will be a nice press release when the permit is signed and we double production and we are only now -.14 cents per share in the hole down from -1.20 per share. Here is the info from the annual report:
On September 10, 2009 we re-entered an existing well (Brackens #1) that was previously shut-in due to excessive water production using a down-hole pump system wherein water produced is re-injected into the lower portion of the formation. Preliminary results indicate the well is capable of producing 300 to 400 MCF of gas per day. Production is expected to commence when the permit from Railroad Commission is received. Based on this, Barrow-Shaver is planning to re-enter other shut-in wells using similar methods over the ensuing months. In addition, Barrow-Shaver is planning to drill up to two new wells in 2010. However, we can provide no assurance of the success of recompletion of other shut-in wells and drilling of new wells.
CURRENT GAS PRODUCTION INFO:
2009
2008
2007
Production
Average sales price per barrel oil equivalent
$ 21.24
$ 48.66
$ 63.86
Average production cost per barrel of equivalent
$ 7.18
$ 6.01
$ 21.71
Net oil production (barrels)
1,781
1,106
177
Net gas production (mcf)
135,304
130,589
138,136
