pnew122, have to disagree with that last post of yours, what gives you the idea they aren't producing any oil now?
Phoenix Acquires New Oil Lease in Kentucky for Its Mid-South Resources/Rome Oil & Gas Division
Thursday October 27, 2005 1:17 pm ET
COVINGTON, LA--(MARKET WIRE)--Oct 27, 2005 -- Phoenix Associates Land Syndicate (Phoenix) (Other OTC:PBLS.PK - News), a holding company with assets in oil, sand & gravel, soil products, land development, trucking, contract hauling, swimming pool construction and construction related industries, announced today that a new oil lease has been acquired for its Mid-South Resources/Rome Oil and Gas Division.
The Company indicated that this new oil lease is located in the State of Kentucky in an area conducive to air rotary drilling. Rome Oil plans to drill five new wells on its leases in Kentucky prior to the end of 2005. The Company estimates its provable and accessible oil reserves in its Kentucky leases to be in excess of 300,000 to 500,000 BBLS.
Currently Rome Oil & Gas Co. has 18 wells that are producing between 5 BBL/Day to 50 BBL/day each, with an average production of 26 BBL/day per well, a rate of production that is expected to increase as new wells come on line.
18 wells * 26bbls average = 468bbls per day
468bbls per day * 365days = 170,820bbls a year
170,820 * $60 per barrel = $10,249,200yr in oil sales
also i would put this figure as a very low figure as this PR was in Oct 2005, i would have to assume that more wells have come online since then
midas
