News just out!
BCM Increases University Field Production; Completes Workover of Nelson 14 Well
Date : 06/28/2011 @ 1:42PM
Source : PR Newswire
Stock : Bcm Energy Partners (PL) (BCME)
Quote : 0.5 -0.1 (-16.67%) @ 11:15AM
BCM Increases University Field Production; Completes Workover of Nelson 14 Well
Bcm Energy Partners (PL) (USOTC:BCME)
Intraday Stock Chart
Today : Wednesday 29 June 2011
BCM Energy Partners, Inc. (OTC: BCME) has completed a workover of the Nelson 14 well in the University Field.
The Nelson 14 well had been producing until May 2011, when a build up of paraffin caused the well to be shut in for repairs. BCM successfully completed this workover last week, including removing and replacing well tubing and string and thoroughly cleaning the down-hole pump.
The well effectively came online June 24, 2011 with a flush production rate based on oil in the casing that had been used to treat the paraffin problem. As of June 27, 2011, production rates were gauged at 35 bopd.
The addition of this new production from the Nelson 14 well brings total field production to an average of 70 bopd, nearly double the production rates experienced since July 2010 when BCME acquired University Field. This increase in production revenues will have a direct affect on operating revenues and will allow BCME to continue working over wells in field.
BCM Energy Partners was established to acquire distressed oil and gas assets with the intent to build a portfolio of proven reserves associated with producing wells. Since late 2007, BCM Energy Partners has been actively developing a network of field owners and managers throughout the Gulf Coast with a focus on identifying distressed, "off-the-radar" opportunities. BCM has an effective management team that is well-connected within the Gulf Coast oil and gas industry with over 100 years of collective experience acquiring and exploiting oil and gas assets. Management is supported by impressive roster of equity-incentivized advisors from the corporate finance and energy industries. More information is available at www.BCMEnergy.com.
Forward-looking statements speak only as to the date they are made, and except for any obligation under the U.S. federal securities laws, BCM Energy Partners undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
SOURCE BCM Energy Partners, Inc.
