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News MDM Permian Inc. (MDMP) Reports on the Reclamation of Lindley Well in Oil Rich Permian Basin
Carrollton, Texas, June 04, 2020 (GLOBE NEWSWIRE) - MDM Permian Inc.TM (OTCQB: MDMP) today has provided an update on the progress of the Lindley 6103 well in Irion County, Texas. Lindley 6103 is the first of four wells of the 25-well recovery program that have been estimated by engineers to have only recovered 4% of the original oil in place (Canyon Sands).
Completion reports from the 1980's, when most of the wells in the Canyon Sands region were originally drilled, typically produced in the area of 100 barrels of oil per day. MDM Energy has determined, from available logs on Lindley 6103, that there are commercially significant oil rich zones in the Wolfcamp and Clearfork, and possibly in the shallower San Angelo sands. MDM Energy believes that the drilling of a new well in between the old boreholes will, with high certainty, encounter oil rich Canyon Sands that can be further stimulated with modern perforation and completion methods and add an additional 10 to 15% of oil to be harvested.
MDM Energy has determined that the recompletion of Lindley 6103 Canyon Sands has produced some valuable data about the oil field. We have determined that, due to years of neglect, the buildup of Iron Sulfide, Iron Magnetite and paraffin will never allow the well to produce to expected standards. We are therefore abandoning the Canyon Sands as a production horizon from this well and instead, looking to shallower production zones to exploit. We will be running a new cased hole log in the well so that we can verify the overlooked reservoirs in the Wolfcamp and Clearfork sections.
The completion of a new zone, up-hole of the Lindley 6103 Canyon Sands, utilizing newer technology will allow us to produce superior results to what was produced in the 1980's. The economics of producing vertical wells versus horizontal wells, has clearly been proven to be more cost effective in this portion of the Permian Basin. Producible reserves from these verticals are estimated at between 150,000 - 200,000 barrels of oil per well. Oil decline rates are much lower, and lease operating expense costs are improved compared to horizontal wells, making them highly profitable.
"West Texas Intermediate (WTI) is now trading in the $35 a barrel range. That's up considerably from the less than $13 a barrel prices in March. This energy rally can be credited to a fast reduction in oil production and the gradual lifting of vast lock downs worldwide, caused by the Covid-19 hysteria." states Michael Rafael President and Chief Executive Officer of MDM Energy, Inc. "With the significant cut in oil production and improving oil demand as Americans and the world, once again begin to travel, open manufacturing, etc., it is only be a matter of time before oil prices rebound to pre-crisis levels of over $50 a barrel.”

About MDM Permium, Inc.:
Based in Carrolton, Texas, MDM Permian, Inc. is a publicly traded energy company with interests in oil and natural gas wells, mineral prospects. The Company’s business plan includes building value through reserves and production in the Permian Basin of Texas. MDM Permian has been actively involved in the oil and gas industry since 1981 with offices located in Carrolton, Texas.
Michael Rafael has nearly 40 years of experience in the oil and gas industry, serving as founder, President and Chief Executive Officer of MDM Energy, Inc.(“MDM”) a wholly owned subsidiary of MDM Permian, Inc.
Mr. Rafael has been directly involved in the drilling, completion, and operation of over 300 oil and gas well projects, primarily in the Illinois Basin, and directly supervises and oversees field operations. Mr. Rafael works directly with the contract geologists, petroleum engineers and geophysicists from start to finish.
For more information about the company, please visit https://www.mdmenergy.com.
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Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

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