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Wednesday, March 22, 2017 9:34:11 AM
In summary, the initial projected average production was 40 barrels of oil equivalent per day ("BOEPD")* in June 2016, when Molori made its first investment into Ponderosa. For the month of January 2017, production averaged 280 BOEPD, a 600% increase in daily average production. This production increase is due primarily to an aggressive work-over plan employing working capital committed by Molori to return non-producing wells to production, while keeping Lease Operating Expenses low due to tight cost controls and already established management.
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