Fox Petroleum Tests Positive at Geneseo-Edwards Field
Fox Petroleum Inc. Monday, October 20, 2008
Fox Petroleum has announced the success the first two Kansas wells of its 10-well drilling program in the Geneseo-Edwards Field located in Ellsworth County. Early results suggest that each well will initially produce at least 1,500 barrels of oil per month, with sales of oil produced from the first well expected to be sold as early as this week. Fox anticipates that when the remaining wells are drilled, production from the acreage will increase to levels in excess of 15,000 barrels per month, generating significant near-term revenues to the Company.
In addition to the first two wells, the third well in Fox's 10-well Kansas drilling program reached its total depth late last week. Initial results for the third well show estimated production numbers in line with the first two wells. Fox Petroleum anticipates production from the second well to start later this week, with additional hopes of the third well being in production this week as well. Spudding of the fourth well is expected later today. Plans are already underway to acquire further acreage in surrounding areas for further low risk in-field drilling.
Richard Moore, Fox's Chief Executive Officer, commented, "We are very pleased with the initial results of our Kansas drilling program. The production of the first two wells has exceeded expectations, and will hopefully be a trend that continues as we complete the rest of our 10-well program while assessing the addition of another four wells upon completion. Despite these early positive numbers, Fox is also looking at ways to boost production in the short term."
William MacNee, Fox's Chief Operating Officer, said, "We are pleased to be seeing the results of our drilling program, after it was delayed during the summer due to adverse weather. With a possible fourteen-well drilling program we intend to push hard to get as many wells as we can into full production as soon as possible. We are working towards increasing and maintaining production on these initial wells in the near term, as we see the big potential in the results we've received so far."
