Global Earth Energy to Increase Production by 300%
Well to Produce 40 Barrels of Oil per Day
(firmenpresse) - WILMINGTON, NC -- (Marketwire) -- 09/27/12 -- Global Earth Energy Inc. (OTCQB: GLER) is pleased to announce plans to begin work on the Smith # 2 Well of the Smith-Needham Prospect in Gonzales County, Texas. The prospective acquisition covers an area of approximately 680 acres including two active oil wells on the 160 acre Smith Lease.
"We plan to initiate a workover of the Smith # 2 Well to boost production from the current 10-15 barrels of oil per day to up to 40 barrels of oil per day," says Sydney Harland, President of Global Earth Energy Resources.
"This will significantly increase our production levels and boost our bottom line for a relatively minor investment," added Mr. Harland.
The Smith-Needham property features proven developed producing and behind pipe reserves (PDP, PDNP) in the Austin Chalk and Buda Formations and multiple drilling locations identified in the Austin Chalk and Eagle Ford trends for future development with up to 250,000 barrels of oil to be recovered per well. Multiple pay targets exist to provide well diversity for enhanced risk management.
Other independent oil companies in the area have had some tremendous success with their oil wells drilling into the Eagle Ford Shale pay zone. One such company recently drilled two wells that both produced over 1,000 barrels of oil per day. These operators believe that in addition to the phenomenal production from the Eagle Ford Shale play, there is significant upside potential in the Austin Chalk formation, which is also prevalent on the Smith Needham lease.
Global Earth Energy Inc. is an oil and gas exploration company focused on developing prime oil prospects in Texas. Global Earth Energy Inc. teams up with some of the top independent oil well drillers and operators in the industry, thereby reducing the risks normally associated with the drilling of oil wells.
For additional information, contact:
Sydney Harland
President
910-270-7749
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Datum: 27.09.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 187439
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Town:
WILMINGTON, NC
Kategorie:
Alternative Energy
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