This stock was at a 52 week low at the beginning of the day and just got a good jolt in the arm with this news.
Energas Resources, Inc. (OTCBB: EGSR) is pleased to announce that the Company performed a successful workover of its Wyrick #2 well in Atoka County, Oklahoma. Field personnel reported an increase from 149 MCF of natural gas per day to 375 MCF of natural gas per day. Energas owns a 33.17% net revenue interest in the well.
"Our field superintendent noticed an increase of pressure on the backside of the well, called the annulus, so he tested it and the production initially came in around 450 MCF of natural gas per day," stated George Shaw, President. "We've since choked back the production and the well has been steadily producing at 375 MCF per day for three weeks now. Needless to say, we are thrilled about the unforeseen increase in production and the minimal related workover expense."
Safe Harbor Statement
When used in this press release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well
SOURCE: Energas Resources, Inc.
Posted by cactus33 on :
looks like bottom maybe, got a little yesterday..
Posted by cactus33 on :
chart looks really prime for another run.. never know??
Posted by cactus33 on :