After reading this pr I thought growth this year would increase nicely.
Allenergy Inc. Drills Four New Wells in 2008
INDEPENDENCE, Kan., Feb 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Allenergy, Inc. (OTC: ALRY), with a 17-year history in the oil and gas industry and current involvement in the multi-billion dollar natural gas fields in Kansas and Oklahoma, today announced that the Company has drilled its fourth new well since January 1, 2008.
Fields #1 has been drilled and 4-1/2 casing cemented top to bottom. The open hole logs indicate three CBM {Coal Bed Methane} formations. The Mulky, Ironpost and the Croweberg zones have been identified to be the main targets for completion with excellent paying quantities. The Fields #1 was a wildcat discovery well for the CBM zones which have not been established in this region of Chautauqua County, Kansas. "We are extremely pleased with these results proving that our geological studies can prove out this 300 acre Fields lease," said Larry Sanford CEO.
Allenergy also announces a preliminary production report on the Ball lease atop the Longton Anticline in Chautauqua County. Wells GB-15, 17, 18 and 21 have been completed and are on line. "With all four wells pumping into the same tank battery, it is difficult to determine the individual output from each well, but we can assume through the visual oil cut that most of the 30 BOPD is from our discovery well GB-15. After weeks of encountering the virgin down hole pressure to efficiently produce oil and maintain, the gas drive has been achieved. We anticipate wells GB-17, 18, and 21 will eventually accomplish these same results," Mr. Sanford said.
"The wells previously mentioned pale in comparison to the electric logs recorded in GB-19. Rex Horning Well Service has scheduled to install the production string and put this well on pump by early March. The Company strongly believes that this well is in the center of the channel in the Redd Sand formation or possibly in the southwest portion. We will prove this by drilling well #20 which has been staked and authorized by the Kansas Corporation Commission to be drilled," Allenergy's CEO said.
"The Company is reluctant to conclusively report the natural gas production from these wells as it has fluctuated from 210 mcfd to 30 mcfd during the process of maximizing oil production and maintaining the gas drive. We feel confident in realizing an 85 mcfd to 110 mcfd," Mr. Sanford said.
"Our newly discovered oil and gas field has been a slow and meticulous process but has added an additional 900 BOPM, not including natural gas production to the reported 2000 BOPM. As the remaining wells follow the same process as GB-15 the Company will update these figures along with the production numbers from GB-19 and the Shallow test well Ball#1. We are convinced that we will surpass the first quarter goals," Allenergy's CEO said.
About Allenergy: Allenergy, Inc. (OTC: ALRY) is strategically focused on areas of Kansas and Oklahoma believed to contain more than 1.5 trillion cubic feet of natural gas and helium at shallow depths. The Company currently holds approximately 7,000 acres of leased land with more than 150 oil and gas wells on its producing properties.
AI
