PGI Energy, Inc. (PGIE)

[indianplayers]

Here's the Reames update from today.

Update Wednesday Sept. 14 fff

Reames #2, went in with pump and tubing, tested pump, fluid at 2100 ft from surface. Pump took 45 minutes to get fluid to surface. Well making large amount of gas, and making at this time straight oil, with no water cut.

Reames gas meter has doubled in production after 2 hrs of Reames #2 being online. We will be making a very positive amount of oil tonight, these wells will settle a little over the next couple of days. But so far the Reames #1 & #2 which were planned to make 4-6 bbls each currently the #1 is making at a rate of 22 bbls/d, and we will know what the #2 is adding to it tomorrow morning. These are PRAC numbers that will decline a bit once the formation settles. But the downhole pressure, and gas production, and fluid availability far exceed our expectations.

The rig has moved to #4 and will start pulling tomorrow. The #4 has several tubing holes, and we will be testing tubing starting tomorrow.