Sunday, March 13, 2011 1:31:45 PM
Link added: SGCA.14 News Strategic American Oil Successfully Completes the Drilling of its Initial Well from the Recent Acquisition of Galveston Bay Energy
Total Production has now increased to 470 BOE/D
Corpus Christi, Texas- March 10, 2011 - Strategic American Oil Corporation (SGCA) announced today that it has re-completed and placed on production its initial well, the Fisher’s Reef G2-3A well, located in Chambers County, Texas. This represents the first well post-acquisition of Galveston Bay Energy (“GBE”). The purchase of GBE closed Feb. 16, 2011 and all production as of January 1, 2011 will be recognized on Strategic American Oil’s balance sheet.
The Fisher’s Reef G2-3A well is producing 140 b/d of oil, plus approximately 200 Mcf/d of natural gas, or 173 boe/d. This represents a 46% increase in average liquids production, and 48% increase in average total production on February 16. Oil presently represents 46% of gross production.
Since I'm a bit dyslexic... is that about $100k a week gross profits?
Strategic operates the G2-3A, and has an 85% WI and a 62.7% NRI. Flowing tubing pressure was 600 psi, and the well is flowing naturally. The well was completed in the Frio 17 formation at a total depth of 9,500 feet.
Jeremy Driver, CEO of Strategic American Oil Corporation, stated, “We are quite pleased with the G2-3A results and the meaningful increase in oil production and cash flow. We are already beginning to schedule our plans to drill our next well also located in the Fisher’s Reef Field. We continue to seek accretive acquisitions to ensure future growth.”
Dr. Amiel David, President of Strategic American Oil Corporation, added, “We have identified numerous low-risk workover and drilling opportunities designed to sharply increase near-term production and cash flow, as well as proved reserves. The GalvestonBay property set totaling 24,556 gross acres (22,950 net acres) affords us the ability to rapidly grow the company for the benefit of our stockholders.”
http://www.strategicamericanoil.com/news/index.php?&content_id=128
Ok then!
Total Production has now increased to 470 BOE/D
Corpus Christi, Texas- March 10, 2011 - Strategic American Oil Corporation (SGCA) announced today that it has re-completed and placed on production its initial well, the Fisher’s Reef G2-3A well, located in Chambers County, Texas. This represents the first well post-acquisition of Galveston Bay Energy (“GBE”). The purchase of GBE closed Feb. 16, 2011 and all production as of January 1, 2011 will be recognized on Strategic American Oil’s balance sheet.
The Fisher’s Reef G2-3A well is producing 140 b/d of oil, plus approximately 200 Mcf/d of natural gas, or 173 boe/d. This represents a 46% increase in average liquids production, and 48% increase in average total production on February 16. Oil presently represents 46% of gross production.
Since I'm a bit dyslexic... is that about $100k a week gross profits?
Strategic operates the G2-3A, and has an 85% WI and a 62.7% NRI. Flowing tubing pressure was 600 psi, and the well is flowing naturally. The well was completed in the Frio 17 formation at a total depth of 9,500 feet.
Jeremy Driver, CEO of Strategic American Oil Corporation, stated, “We are quite pleased with the G2-3A results and the meaningful increase in oil production and cash flow. We are already beginning to schedule our plans to drill our next well also located in the Fisher’s Reef Field. We continue to seek accretive acquisitions to ensure future growth.”
Dr. Amiel David, President of Strategic American Oil Corporation, added, “We have identified numerous low-risk workover and drilling opportunities designed to sharply increase near-term production and cash flow, as well as proved reserves. The GalvestonBay property set totaling 24,556 gross acres (22,950 net acres) affords us the ability to rapidly grow the company for the benefit of our stockholders.”
http://www.strategicamericanoil.com/news/index.php?&content_id=128
Ok then!
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