Abilene, Texas (PRWEB) May 22, 2006
Like most Americans, Keith Alexander is concerned that the U.S. relies heavily on foreign oil, and would like to see the stranglehold that importers have over the U.S. loosened. The difference between Alexander and most Americans, though, is that he's in the position to make that happen. As the President and CEO of Sunray Oil Company, Inc. (http://www.sunrayinvestment.com), Alexander is proud of Sunray's domestic drilling projects, and he and company investors are especially pleased about Sunray's Abilene Project.
With investor support, Sunray Oil continues to pump the crude by taking over leases of existing abandoned wells like Abilene and transforming them into steady and lucrative oil-producing success stories. "Research has proven that extending and sustaining the life of a well is more economically advantageous than drilling a new well," said Alexander. "Sunray's focus is on minimizing risk to its investors while maximizing economic returns."
Situated northeast of Abilene, Texas, the Abilene Project recently produced a "gusher." "We recently completed the first well of the Abilene Project, and it flowed more than 250 barrels of oil in the initial 48 hours," said Alexander. "A reserves study shows that this well should produce in excess of 55,000 barrels of oil." Sunray has begun drilling the second well, and has identified over a dozen other drill sites, and anticipates pinpointing an additional 100 drill sites on the oil field. "Overall estimates place the reserves on this site at slightly under 5 million barrels, with projected net revenues of over $150 million," said Alexander.
Abilene is but one of Sunray Oil's promising projects; the Waggoner Estates Project is another. "We're currently acquiring leases for 80 oil wells and 4 disposal wells in Wichita County, Texas," said Alexander. He noted that the wells, which had lapsed into non-productive status under a previous operator, expect to produce between 450 and 550 barrels per day once the rework and drilling have been completed.
Sunray Oil employs the latest seismic, directional drilling, logging, and completion technologies to transform unproductive oil projects into profitable ventures. "Because each location and formation has different characteristics, our engineers and geologists implement state of the art technology to maximize production," said Alexander.
"We're confident that reworking and drilling existing oil leases in a variety of oil fields will continue to add to our company's bottom line, and help reduce America's dependence on foreign oil in the process," Alexander concluded.