Trophy Resources to Reopen Oil Well, Rework Contract
Thursday July 26, 9:52 am ET
CLEVELAND, OH--(MARKET WIRE)--Jul 26, 2007 -- Trophy Resources, Inc. (Other OTC:TRSI.PK - News) announces they have begun the process of reopening their O&G holdings in Runnells County, Texas.
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Trophy and their operating partner, IRA Oil and Gas of Addison (Dallas), TX (IRA) have worked through their management issues that stalled this project just prior to the end of 2006 and have scheduled the repair of the initial producing well on the site as well as commencing rework of the two additional wells as was originally planned for 2006.
"We are please to get this project back on track. With over 600,000 barrels of oil in the estimated reserve and oil currently trading at over $74.00/bbl, we should be able to quickly realize capital income from this project," said Eric Leonetti, Trophy President/CEO. "This should be accomplished by bringing the initial well back on line, achieving the average 18 bbl/day production it was producing and adding the two additional wells for which we have similar expectations."
The plans call for the formerly producing initial well to be back on line in the next three weeks, followed by the rework of the second and third wells prior to the end of September. This time table anticipates acceptable weather in Texas and the ability to get the equipment on site.
This project offers a unique opportunity to take advantage of re-completion and redevelopment technologies that are now main stream. Trophy plans to continue their association with IRA to further explore opportunities in the Bend Arch, Ft. Worth and Permian Basins.
Trophy Resources assesses all projects on the basis of defined investment criteria including the preservation of capital and mitigation of risk.
About Trophy Resources
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