The oil and gas property, which is known as the Tubb Leasehold Estate, is located in the AMOCO/CRAWAR field in Ward County.
The Company plans on plugging the ‘A’ well at the currently producing depth, then come up-hole in order to produce the well from a shallower depth (approximately 3,700ft – 3,900ft).
The company expects the rework to significantly increase production of both oil and gas while lowering repair and maintenance costs.
Williamson Petroleum Consultants of Midland, Texas had earlier performed an engineering evaluation to estimate proved reserves at the Tubbs Estate location that showed an estimated $10,223,550 in total proved reserves.
