The company said oil flows are strong and production is anticipated to be 1-2 barrels of oil per day.
Globalgroup Investment president Fred Rackers said, "This completion of the re-work has identified significant opportunities for immediate off-set drilling on the SW section of the lease. The initial two wells in Kansas reflect GIHI’s continued commitment to its subsidiary Sovereign Oil Corp."
In addition to the re-work, the joint venture (JV) has identified nine drilling locations and drilled the initial test well on the North West edge of the 400-acre lease.
The oil and gas exploration firm said it has identified sands of 3-4ft at depths of 350′- 375′, but capped for future completion.
The JV intends to rework or drill up to ten oil wells by the end of this year, after which Globalgroup’s petroleum division expects annual revenues of about $300,000.
