Precision Petroleum Corporation is actively exploring and producing projects in the state of Oklahoma. Currently, Precision Petroleum Corporation has 13 active wells in the region.
Thompson No. 1 well located on section 18, T4N-R2W, Garvin County, Oklahoma. The Thompson No. 1 was drilled in late 2005 as a development project and has produced 26,627 barrels of oil and more than 51 million cubic/feet of natural gas as of 5-13-09.
The Thompson well produces from the Viola Limestone at an interval from 4,974' to 4,983' (7'). The company plans to drill a step-out well to the existing well bore which is a location between 2 existing producers.
Mason Burns No. 2 oil well located in Garvin County, Oklahoma. The well produces oil and gas from the First Bromide formation. This First Bromide Sand formation has historically been a prolific production reservoir for several decades in this area. This well was originally co-mingled with an adjacent First Bromide well with both wells producing in excess of 625,000 barrels of oil with associated gas. A later re-completion in 2006 in the remaining First Bromide productive interval has yielded another 5,303 barrels of oil with some natural gas as of 5-15-09.
With nearby Viola production just to the south, this well may also have the potential to produce from the Viola Limestone which is behind pipe in the existing well bore. The Viola formation will be tested when the Bromide formation has substantially been depleted.
Teresa No. 1 well is located at NW/4, of the SW/4 of Section 34, T4N-R2W, Garvin County, Oklahoma. Teresa No. 1 has been in production since 2004, and completed in the Viola Limestone which has produced 5,292 barrels of oil and in excess of 46,000 MCF of natural gas as of January, 2009. The Viola Limestone formation is a consistent oil & gas producer and displays excellent porosity. With farm-out approval, this well may offer additional oil & gas reserves from the Deese Sandstone just above the Viola Limestone
Quinlan No. 1 located on the NW/4 of Sec 19. T11N-R5E, Pottawatomie County, Oklahoma.
A five year producer from the Hunton Limestone reservoir, this lease has been a steady producer with a total cum as of 6-1-09 of 12,530 barrels of oil with a per month average in excess of 200 barrels of oil.
Jessica No. 23A, located in Section 5, T6N-R6E, in Seminole County, Oklahoma. The current total production as of 6-1-09 is in excess of 6,000 barrels of oil since it was first discovered in February, 1992.. The goal of this purchase is to expand Precision's gas reserves by re-completing a zone up-hole in the Calvin Sand which is a significant gas bearing formation helping to expand gas reserves for the corporation. A nearby offset, only 1320 feet to the northeast, tested over 250,000 CFG/D from the Calvin Sand which is a sizeable amount of gas production considering the shallow depth of the sand. The current acreage position will allow an in-field well to be drilled if offset production is needed to adequately drain the formation.
Crown lease in Pottawatomie County, Oklahoma is a recent acquisition and provides oil production and a drilling prospect. This lease has two producing wells with one of the wells having produced approximately 64,000 barrels of oil and an approved salt water disposal (SWD) well. The existence of a SWD well is critical in order to maintain oil production. The Company's goal with the Crown lease is to secure the opportunity to drill a horizontal well into the Hunton Reservoir.
Heath No. 1 oil well located in the SE/4 of Section 31, T8N-R8E, Seminole County, Oklahoma. Completed as a Hunton Limestone producer, the Heath has accrued 7,089 total barrels of oil with associated gas as of 2/29/09 with production starting 9/04/08. The Hunton Limestone formation is well known in this area of Oklahoma as an excellent producer of oil & gas as well having good longevity of production.
Also of note, the Booch Sandstone and the Lower Calvin Sandstone both indicate to possess productive formations which will be perforated once the Hunton is finally depleted of its reserves. This well holds an adjoining 40 acre lease which is in a favorable structural position to drill another Hunton Limestone test for future reserves along with having the opportunity to test the productivity of the
Karsyn No. 1 well is located in the SE/4 of Section 20, T8N-R8E, Seminole County, Oklahoma. The Karsyn No. 1 was successfully completed on a 20 acre lease in the Hunton Limestone formation which has produced from 4/08 to 6/07/09 for a cumulative total of 9,001 barrels of oil with associated gas. As mentioned in the Heath No. 1 synopsis, the Hunton Limestone is well known in this area as an excellent producer of oil and gas.
At some date in the future when the Hunton formation finally depletes, the Calvin Sandstone up hole will be perforated to test for oil and gas as it calculates productive.
White No. 12-1 oil well located in the SW/4 of Section 12, T11N-R6E, Pottawatomie County, Oklahoma. Initially completed as a gas well from the Hunton Limestone formation, the well progressively evolved into a steady oil producer with enough gas in solution to run the pump jack. The well was completed naturally from 8 feet of perforations from 4190' to 4198' with only a small acid flush. Currently, the White well has produced 2,298 barrels of oil as of 5-16-09 which is eleven months of production and has earned just over a 2 to 1 rate of return from an $85,000 initial investment. When production diminishes to a much lesser volume, the well will be fracture treated to enhance volume and longevity.
Ward/McNeil No. 1 oil well located in the NW/4 of Section 27, T3N-R1W, Garvin County, Oklahoma. The well was initially completed in the Basal Pennsylvanian Sandstone/Viola Limestone formations after a minor fracture treatment resulting in only a modest 189 barrels of oil accumulated becoming evident that a larger fracture treatment will be necessary to substantially increase the production from these reservoirs. A more aggressive treatment is being planned to bring the well back on line in order to quickly recover the investment and establish a profitable well.
Quinlan No. 2 well located in the NW/4 of Section 19, T11N-R5E, Pottawatomie County, Oklahoma. The Quinlan No.2 well is completed in the Viola Limestone formation which is in the Northeast Shawnee Field adjacent similar Viola completions. This field is also known for its lucrative Hunton Limestone production and the opportunity exists when the Viola Limestone is depleted at some future date to re-enter the well bore to test the Hunton reservoir. Currently the well produces approximately 10 barrels of oil with 200 barrels of saltwater with very little established production history in this formation.
Quinlan No. 3 oil well located in the NW/4 of Section 19, T11N-R5E, Pottawatomie County, Oklahoma. This is an adjacent well to the Quinlan No.'s 1 and 2 which Precision also owns an interest. This lease has only been producing for a few weeks from the Viola Limestone and Simpson Dolomite formations and has not stabilized its production from the well stimulation. Both formations are known producers in the Northeast Shawnee Field and this well should enjoy a long lived history of production.