Brinx Resources Ltd. (OTCBB: BNXR) is an expanding exploration company focused on developing North American oil and natural gas reserves. The company’s current focus is on the continued exploration and development of its working interests in three oil-producing areas.
Brink Resources’ land portfolio consists of the following: a 40% interest in the Three Sand Project in Noble County, Oklahoma; a 5% working interest in the Ranken Energy’s 2008-3 program; and an 8% to 8.5% interest in the Palmetto Point Project in Mississippi.
Brinx Resources announced today that the drilling has been completed on the 2008-3 drilling program. Four of the five wells in the program were successful and production casing has been set on all four wells. The first well in the program has been completed and is currently producing and selling natural gas at commercial rates. The oil produced from this well will be sold as soon as a separator is installed.
Completion of the second successful well is underway. The second well has been perforated and acidized and is awaiting the fracture treatment. Completion of the remaining two successful wells should start within the next month.
The recent drop in drilling and completing costs within the oil and gas sector has encouraged Brinx to resume its drilling and exploration activities. The company anticipates that the successful wells in the current program will lead to additional development wells that can be drilled when the market for oil and gas prices recovers.