Early indications are that the extension wells are ‘up-dip’ or at a higher point in the pay zone than the initial well, which bodes well for us as we have multiple drilling sites continuing up the trend.
Salt Lake City, UT (PRWEB) January 5, 2007
Granite Energy, Inc. (OTC: GNGI) (the Company), today announced it’s completion of drilling operations on the Richard Hensley and Brooks Hensley wells. (http://www.graniteenergy.com) Located in Kingfisher County, Oklahoma, these wells, also know as the GoldFinch #2 and #3 wells respectively, reached total depths of 8,200 feet. Based on the logging and subsequent testing and permanent completion of the Melissa well, commonly called the GoldFinch #1, the Company elected to drill both wells to the Hunton zone depths.
Following the successful drilling and logging, Granite’s engineers elected to make permanent completions in both wells in the Mississippian limestone, with 7,500 barrel slick-water and acid fracture treatments. Fracture load recovery has been on schedule and oil production has begun. The Company has constructed surface equipment and natural gas pipelines have been brought to the wellhead and attached. Both wells have been deemed to be completed and have subsequently gone into production.
“With the success of the test well, our focus has been on continuous drilling activities on the subsequent extension wells.” Stated S. Matthew Schultz, Granite Energy, Inc.’s Chief Executive Officer. “Early indications are that the extension wells are ‘up-dip’ or at a higher point in the pay zone than the initial well, which bodes well for us as we have multiple drilling sites continuing up the trend.” Continued Schultz.
Granite Energy ("Granite") (NASDAQ OTC symbol: GNGI) is a leading independent energy company headquartered in Salt Lake City, UT and focused on oil and gas development, exploration and production. With oil professionals in offices throughout North America, Granite executes on a proprietary business model that enhances the lifecycle for oil producing properties. Granite Energy has growing oil and gas holdings in Texas, New Mexico and Oklahoma. The combination of Granite's methodologies, geological and technical expertise enables Granite to deliver the tangible economic benefits in the acquisition and development of oil and gas fields with both current production as well as exploration and development of new prospects.
For additional information about Granite Energy, Inc., go to http://www.graniteenergy.com
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Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Contact: Granite Energy, Inc.
S. Matthew Schultz, 801-532-6800