IGPG: Ignis Petroleum Group, Inc. Begins Oil & Gas Production at its Acom A-6 Well in Chambers County, Texas
Thursday November 17, 7:48 am ET
DALLAS--(BUSINESS WIRE)--Nov. 17, 2005--Ignis Petroleum Group, Inc. (OTCBB:IGPG - News; the "Company") announced today that the "Acom A-6" well has begun its first oil and gas production. Product is now flowing to market, thus commencing first revenue for the Company. The Company has a 25% working interest in the well.
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The Acom A-6 is a directional well, which encountered producible hydrocarbons in the Nodosaria sand formation at various levels between 9,818' to 9,910' measured depths (9,476' to 9,540' true vertical depth) in three zones. The first zone, which is currently producing, was perforated over a four-foot interval between 9,894' to 9,898' measured depth. Initial test results showed the well to be producing at flowing tube pressure of approximately 3,900 psi. The zone is currently producing at a daily average rate of 215 barrels of 36 degree API crude oil and 860 thousand cubic feet of natural gas through a 6/64" choke. Future re-completions are planned in the two additional zones with total perforations planned over 22 feet of measured depth.
Prior to drilling the well, the Company anticipated that it would encounter primarily natural gas in an up-dip position from the previous Acom A-5 well. The Company's engineering and geological team will continue to evaluate the well performance and area geology during the coming weeks. The proved and probable reserves will be determined after this evaluation has been completed.
In announcing the initial production, Michael Piazza, President and CEO, said "The results from this well are exciting and could exceed the Company's expectations of reserves from the Upper Nodosaria because of the unexpected level of high-quality crude oil production."
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