Mogul Energy Announces the Staking of the Stafford Well #2 Location and the Initial Flow Rates for Stafford Well #1, Jackson Cou
21 Juni 2011 - 3:55PM
Marketwired
Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY)
(FRANKFURT: BKX) today announced it has staked the proposed
location for the drilling of the Stafford Well #2 in Jackson
County, Texas and will immediately file the necessary drilling
permit application with the Texas Railroad Commission.
The follow-up well to the successful Stafford Well #1 will be
drilled west of the currently producing well. The Stafford Well #1,
drilled to 7,400 feet, is currently producing from a shallower zone
with an average of 30 barrels of oil per day. Further production
testing will continue over the coming weeks, which will eventually
help stabilize the production volumes and tubing pressures to a
level producing rate. Several shallower zones were also tested and
identified as productive and will be produced in a sequential
manner. Results received from the first well have identified
several potential offset locations to the north and west of the #1
well.
As operator of the Stafford Well #2, Mogul, with 15% working
interest in the prospect, has sought and received approval from a
majority of the current working interest owners to the proposed
drilling of the Stafford Well #2. It is expected that the new well
location will be higher on structure and will have a greater oil
production rate than the Stafford Well #1. The new well site is
expected to spud in mid to late July, will be drilled to a total
depth of approximately 7,000 feet and is expected to take
approximately 10 days to drill and case. Logging and any additional
testing will occur immediately after drilling is complete. Mogul
anticipates testing several prospective zones within the Frio
formation, as evidenced in the Stafford #1 well and several
adjoining wells that have produced from these intervals.
President and CEO Tim Turner said, "We have thoroughly reviewed
and analyzed the subsurface geology and are pleased with the
prospective drilling opportunities that are presented in this
prospect. Our staff, along with our consulting team, has done a
great job and we are looking forward to drilling future wells in
this prospect."
About Mogul Energy International,
Inc.:
Mogul Energy International, Inc. ("Mogul") is an oil and gas
exploration company headquartered in Houston, Texas. The common
shares of Mogul are quoted on the OTC Bulletin Board (OTCBB) system
under the symbol "MGUY," and the Frankfurt Stock Exchange ("FSE")
under the symbol 'BKX.' Further information concerning Mogul can be
found in the company's filings with the U.S. Securities and
Exchange Commission (http://www.sec.gov). For more information
about Mogul Energy International, Inc., go to
www.mogulenergy.com.
Forward-Looking Statements:
This news release contains "forward-looking statements" within
the meaning of the securities laws, which are based on current
expectations and beliefs, as well as on a number of assumptions
concerning future events made with information that is currently
available. Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. Inherent in Mogul Energy International, Inc.'s
("Mogul") business plan is a belief that Mogul can successfully
explore oil and gas properties in the United States and that Mogul
can participate in the development of those properties. Readers are
cautioned not to put undue reliance on such forward-looking
statements, which are not a guarantee of performance and are
subject to a number of uncertainties and other factors, many of
which are outside of Mogul's control, which could cause actual
results to differ materially from such statements. For a more
detailed description of the factors that could cause such a
difference, please refer to Mogul Energy's filings with the U.S.
Securities and Exchange Commission. Mogul assumes no obligation to
update or supplement such forward-looking statements other than as
required by law.
For more information, contact: Tim Turner President and
CEO Mogul Energy International, Inc. 2500 Wilcrest Dr., Ste. 405
Houston, TX 77042 (713) 784-2446
Mogul Energy (PK) (USOTC:MGUY)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Mogul Energy (PK) (USOTC:MGUY)
Historical Stock Chart
Von Jun 2023 bis Jun 2024