Till date, the six wells that have been turned on that produced 0bopd are now producing 2bopd-6bopd, according to the company.
The company is going to spend three to four days with a cost of only $8,000- $10,000 per well.
Black Dragon has almost 900 wells in its inventory and hopes to replicate the success of the six wells to all 900.
The company expects revenues to increase $137,910 a month within 90 days as additional wells continue coming online.
Black Dragon’s monthly revenue is estimated to grow to $350,000 by 31 December excluding the Humble Project and other possible acquisitions.
The company is working with an operator and service company to use three rigs to turn on seven wells a month per rig minimum but will speed up the process as cash flows increase as the result of a successful Humble Project.
For the Humble Project, a drilling rig is on the way to finalize the drilling of the fifth well and begin the EOR phase of the project.
