The company will deepen two existing wells and drill three new wells to a depth of approximately 1,100ft in order to accomplish its goals of increasing production and testing all three Basal Trinity Sand Zones.
Significant research and reworking of data accumulated from over 160 well logs and cable tool records has identified the potential of the Upper, Middle and Lower Basal Sand Zones with shows of good live oil in all three zones.
Glen Rose Petroleum president and chairman Andrew Taylor-Kimmins said that the company plans to continue to increase production in 2011 in order to become cash flow positive and attain profitability.
Glen Rose is currently producing oil approximately 60 barrels per day from approximately thirty re-worked wells on 375 acres of its 15,900 leased acreage.
To date 136 wells have been drilled on the property, of which 92 are permitted for production with approximately 48 currently being brought back into operation.
