Precision Petroleum (PPTO.OB) Purchases 58% Stake in Oklahoma Well; Begins Recovery Process

By @ibtimes on

Precision Petroleum Corp., an independent energy company focused on acquiring and delivering oil and natural gas properties in North America, today announced it has purchased 58.37% of the Thompson #2 well in Garvin County, Oklahoma.

The well is currently producing from the Viola Lime structure, which, Precision Petroleum noted, used to have promising production capacity. However, the Viola reservoir’s performance has been hindered by salt water, impacting its production capabilities.

To address the issue, Precision Petroleum President Richard Porterfield said the company will begin an immediate remedial work-over on the Thompson #2 well, which involves a cement squeeze on a lower formation to prevent salt water from entering the Viola reservoir.

The company expects oil production to increase up to three times when the procedure is complete. Other Thompson wells in adjacent leases, which have not been exposed to salt water intrusion, have produced in excess of 22,000 bbls.

Precision Petroleum said it will continue to observe and evaluate all of its 26 leases in Oklahoma to maximization the oil and gas reservoirs by applying superior production techniques and engineering solutions.

For more information visit www.precisionpetroleumcorp.com

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