Precision Petroleum Corporation entered into a joint venture agreement that grants the company first right of refusal on a Montana based Oil, Gas and Coal property. The focus of Phase 1 of this project is on developing an initial 1,600-acre segment after an in depth engineering program. From data obtained, this area is where management intends to drill their first 10 wells.
In late June of this year, Precision Petroleum Corporation announced that they recently completed the purchase of a working interest in an oil and gas lease in Garvin County, Oklahoma. The Ward/McNeil #1 represents the thirteenth working interest purchased by Precision over the past two months. This well received initial completion in the Basal Pennsylvanian Sandstone/Viola Limestone reservoirs after a minor frac entry into these formations.
Today, Precision Petroleum Corporation announced that they acquired a 100 percent working interest in four producing Bartlesville Sandstone wells. These Sandstone leases are in Nowata County, Oklahoma. Two oil wells are currently in production and on line. The other two wells are awaiting remedial recompletion to enhance the Bartlesville Sandstone.
In the lease acquisition, an important inclusion is an approved salt-water disposal well. It will serve the waste disposal needs from the four wells. Richard Porterfield, President stated that the geology of this location is promising. He also stated that the lifting costs will be minimal and that the company expects the four locations to complement further the overall production revenues of Precision Petroleum Corporation.