WGI Holdings (WGIH) Announces Future Recompletion Procedures on Wells in Oklahoma
04 3월 2008 - 10:30PM
Marketwired
HOUSTON, TX has recently authorized recompletion workover
procedures to begin on oil and gas wells in Oklahoma. WGIH has
joint venture participation agreements with Monarch Resources of
Oklahoma involving several existing wells that are set up as
recompletion candidates to produce remaining unproduced oil and gas
reserves.
Mr. Shindler, president of WGIH, says that these properties have
been evaluated by oil and gas professionals to analyze the highest
potential for producing hydrocarbons from multiple zones apparent
on the well logs in these wells. For various reasons, these zones
have not been produced to their full potential, and at the market
prices for oil and gas today, these are excellent candidates for
remedial workovers, equipment replacement and repair, formation
cleanup and stimulation, and newly opened or perforated zones with
possible hydro-fracturing procedures.
Mr. Shindler states that one of the first wells scheduled for
these workovers is the Goffman #1 well in Garfield County. He also
reiterates that this well has been previously evaluated to have
good potential in the Mississippi and Oswego formations. And that a
well workover plan has been designed for this project. One problem
for the mobilization of this project has been the very wet and cold
winter in Oklahoma this year. Since heavy equipment will be
necessary for these procedures, it will preferable to wait until
the weather improves long enough to have dry roads and
locations.
WGIH management has recently attended the NAPE exhibition in
Houston, Texas where thousands of petroleum industry professionals
gather to discuss new industry technologies and present prospects
between the many oil and gas companies for potential joint venture
cooperation in high potential projects. Events like these have
provided WGIH with many valuable contacts for new potential
collaborations in Texas, Oklahoma and Louisiana.
This Press Release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934. A statement identified
by the words "expects," "projects," "plans," "feels," "anticipates"
and certain of the other foregoing statements may be deemed
"forward-looking statements." Although Lucas Energy believes that
the expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this press release.
These include risks inherent in the drilling of oil and natural gas
wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks
inherent in oil and natural gas drilling and production activities,
which may temporarily or permanently reduce production or cause
initial production or test results to not be indicative of future
well performance or delay the timing of sales or completion of
drilling operations; risks with respect to oil and natural gas
prices, a material decline in which could cause the Company to
delay or suspend planned drilling operations or reduce production
levels; and risks relating to the availability of capital to fund
drilling operations that can be adversely affected by adverse
drilling results, production declines and declines in oil and gas
prices and other risk factors.
Contact: WGI Holdings, Inc. - Houston, Texas Greg Shindler Ph.
713.213.9444 Email Contact
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