BUSINESSCraig Fischer Of Demand Brands Inc (OTCPK:DMAN) Issues An Update To The Shareholders On Future Oil And Gas OperationsPublished 5 hours ago on January 13, 2020 By Ward Sport
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Craig Fischer, Chief Executive Officer of Demand Brands Inc (OTCPK:DMAN), is pleased to issue an update on the future oil and gas operations and Hageilstein Ranch lease prospect to the shareholders. The company is conducting business as GeoEnhanced Technologies Inc.
GeoEnhanced holds Southwest Texas-based Hageilstein Ranch lease, which is situated 15 miles north to the Mexican border. There are no oil and gas producing wells in this area. However, it finds consistent geographical formations in the neighboring nation’s active oil fields.
Receives a lease option on 10,000 acres
GeoEnhanced has received a lease option on close to 10,000 acres of property in 2017. The company has been conducting electro-seismic surveys on this property continuously. Its team again visited the area and surveyed more than 30 locations in three days to confirm data from the previous visits. The company’s main aim is to confirm the presence of viable water and hydrocarbon resources on this property.
Chief Geologist of GeoEnhanced, Adrian Garcia said the studies confirmed the presence of via reserves at a depth of between 3,500 Ft. and 4,000 Ft. However, he has not provided an estimate of the size of the reserves. The team needs to find the porosity, breadth, and direction of flow. In the next step, the team will find the appropriate location for drilling and maximize production. It will be able to identify the reserve numbers and producible zones going forward.
Final note
Craig said the final study will be conducted in February 2020 and expecting to make the first drill by the end of Q2 2020. The formation in this region is part of a bigger basin. It expects daily oil production yields of 100 to 300 barrels. However, the company will confirm the yields only after testing. GeoEnhanced expects up to three wells in a 100 acres area. The team will conduct further studies in the balance area for drilling opportunities. 2020’s first half is an exciting period for the company in identifying the oil and gas reserves.
Acquires 100% stake in GeoEnhanced
Demand Brands has acquired a 100% stake in GeoEnhanced by issuing its 100,000 series A preferred stock. It will not cause any dilution to the shareholders of Demand Brands. Established in 2016, GeoEnhanced is engaged in the development and marketing of a 4D seismic imaging system for exploring oil, water, minerals, and gas
