Precision Petroleum Corporation-Acquires Overriding Royalty Interest in Two Adjoining Fields, Nowata County, Oklahomaadmin
Friday, August 14th 2009
Precision Petroleum Corporation an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in North America continues to extend its oil production expansion program.
Richard Porterfield, President, advises that the Company has recently acquired Overriding Royalty Interests in two adjacent leases, East and West Moreland located in Nowata County, Oklahoma. The Moreland leases consist of 14 producing wells from the Bartlesville Sand including a SWD waste water injection facility.
Mr. Porterfield advises that the extra bonus on Moreland lies in the secondary recovery potential. As a result of the shallow geology, artificial reservoir enhancement will be very cost efficient. Engineering is being prepared to convert strategic wells within the group into injectors. Water recovered from production will be pressure re-injected into the Bartlesville formations to beef up the reservoir pressures.
Porterfield states that this secondary program could potentially more than double the existing recoverable and probable reserves.