KKPT KOKO Petroleum, Inc. Announces Horizontal Well Progress Market Wire - September 8, 2006 9:01 AM (EDT)
LAS VEGAS, NEVADA, Sep 08, 2006 (MARKET WIRE via COMTEX) -- KOKO (PINK SHEETS: KKPT) is pleased to announce that its Inglish #1H, the first horizontal well drilled in the Barnett Shale, commenced production on September 1, 2006. KOKO has a 1% working interest in the well. It was drilled to a depth of approximately 11,000 feet and was completed and successfully fraced.
During the first 3 days of production, the well produced 724 barrels of oil and 1,526 MCF of natural gas. At this time, approximately one half of the frac water had been recovered. Maximum potential on the Inglish #1H well will not be reached until at least 70% of the treatment water has been recovered.
KOKO President, Ted Kozub, stated that, "The horizontal well program is without question the most successful and now proven drilling tactic."
The following is the production report issued by the operating company on 9/4/2006 7:53 PM:
The Inglish #1H is producing at an excellent rate in relation to the remaining treatment H2O in the well. We have just now recovered 50% of the treatment H2O with sustained production. This is a result of setting the 2 3/8 production tubing @ 7550' instead of down in the producing interval @ 8100'. This causes the oil & gas to break through the H2O and move up to the production tubing. We still produce H2O, but at a slower rate. When the H2O production falls off, we will lower the tubing.
If we had started with the tubing down lower, we would still be swabbing the well or would have to set pumping equipment. Most horizontal Barnett wells have to be de-watered to sustain maximum production potential. We don't expect the Inglish #1H to reach its maximum potential until we have recovered at least 70% of our treatment H2O.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.
Contacts: KOKO Petroleum, Inc. Andrea Bleasdale Investor Relations (888) 740-7276 www.kokopetroleum.com
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