MDM Permian Inc (MDMP)

[Bodhi_Trades]

MDM Permian PR 3/10/21
https://backend.otcmarkets.com/otcapi/company/dns/news/document/47532/content

"MDM Permian, Inc.
Permian Field Work Update
Carrollton, Texas, March 08, 2021 - MDM Permian Inc. (OTCPK: MDMP) today has
announced the results of the refurbishment of the Lindley A lease wells, Irion County,
Texas.
LINDLEY ‘A’ LEASE WELLS
March 02, 2021, Permian Services, LLC, Midland Texas, moved a rig onto the Lindley 1-
A well. On Wednesday we ran a packer to isolate and pressure test for holes in the casing
at shallow depths. A hole was located at a depth of 2198 ft. We ordered Powerflex
Cementing, LLC, Winters, Texas to apply a 150-sack squeeze job to patch the hole and
stop the water infiltration. The attempt was successful, and we contracted a reverse unit
from Basic Services to drill out the cement job. After that was done, a Mechanical
Integrity Test was run on the well by Tri-Best, Inc.
We then moved Tri-Best to the Lindley 2-A well to do a MIT. The charts from both tests
are being submitted to the RRC.
The planning of the next phase of our work is the completion of the Clearfork at 3800 ft.
on the 1-A well. At the same time, we will be re-building the A-Lease tank battery. The
current tank battery is located at the top of the Mesa near the 1-A well. We will re-build
the new battery at the bottom of the Mesa near the new tank battery built for the Lindley
6103 well.
RESERVIOR ESTIMATES/BUILDING VALUE IN THE GROUND
The Advanced Reservoir Characterization that was done by NuTech Energy Alliance is
not only crucial to the planning of the completion of the existing wells, but also an
important factor for determining the reservoir extent of our acreage. As stated in our
original Permian Business Plan, we are building value in the ground.
Last month we reported the results of the NuTech Advanced Reservoir Characterization.
The study indicates that on the Lindley A lease, the Clearfork contains 3,578,310 barrels
of recoverable oil per 640 acres. The San Angelo contains 5,158,000 barrels of
recoverable oil per 640 acres. The reservoirs calculate to $567,860,150. @ $65. oil for the
2 zones combined. Our 1680-acre Lindley Ranch is estimated to contain 13,565,540
barrels of recoverable oil equivalent or expressed as dollar value, $881,760,100. These
represent the Clearfork and San Angelo and have not considered other proven zones.
The Canyon Sands have not yet been calculated and will significantly add to the total as
our engineer estimates that the wells only achieved a 4% recovery.
As a public company, inground reserves can be added to the books as an asset. These
reserves will significantly increase the value of the company when added.