Maybe Young can produce these type of results for GPVN. This volume equates to a revenue of $86,400 per day at $50 oil; not too bad.
Young Oil Corp. Hits a 1,728-Barrel-a-Day Well in Tennessee
KNOB LICK, Ky., Sept. 17 /PRNewswire/ -- The Young Oil Corporation
announced here today that it has drilled in a new oil well in Tennessee that
is flowing oil at a rate of 1,728 barrels of oil a day (BOD).
The Lucy Newberry #11, located seven miles northeast of Livingston,
Tennessee, in Section 22, Township 1S, Range 52 E, began flowing oil when
drilling reached the Trenton formation.
"The well came in so strong, we were unable to move the drilling rig off
the hole," explained Anthony Young, CEO, Young Oil Corp. "We choked the well
back and produced it at a rate of about 700 BOD through the blowout preventer
on the drilling rig."
"We wanted to get the drill pipe out of the well and move the rig off the
well so we began open flowing the well through three flow lines into four
tanks at a rate of 72 barrels an hour or 1,728 barrels of oil a day," he
added.
The Newberry #11 is the eighth producing oil well in the unnamed field
discovered by Young earlier this year. Other wells are producing in the field
from the shallower Fort Payne formation and deeper Ordovician formation.
"We have an excellent lease position surrounding the Newberry lease and
plan to develop it immediately to capitalize on these excellent oil prices,"
said Young.
Young said he would start by drilling offset and step out locations to
this new flowing oil well in the very near future.
Young Oil Corporation is a privately owned oil and gas exploration and
production firm, with operations in Kentucky and Tennessee. Young utilizes
its own drilling rig to drill all its wells. The Tennessee Oil & Gas
Association named Anthony Young Tennessee Oil Man of the Year in 1999.
SOURCE Young Oil Corporation
