“Several oil wells drilled in the Buda sweet spot in South Texas have achieved 100% return of invested capital in weeks.” Seeking Alpha
Duncan, OK (PRWEB) May 31, 2014
Richard Gouin, CEO of Weatherby Energy, LLC (the "Company" or "Weatherby"), announced today that the Company is underway with their Wilson Garvin Prospect.
The Wilson Garvin Prospect is a three oil well developmental program. The first of the three wells, the “Kim No. 1”, is located in Garvin County, Oklahoma and has already been drilled, tested and put into commercial production at a total depth of 6626 ft. The Kim No. 1 well logs indicate hydrocarbons in the Viola Limestone as well as the First and Second Bromide formations. The Viola Limestone has roughly 100 feet of pay zone.
“The Kim No. 1 tested at an estimated 98 barrels of oil per day and roughly 55 mcf of natural gas, we expect many years of excellent production ahead,” Mr. Gouin stated.
The second stage of the Wilson Garvin Prospect will take place in Wilson County, located in South Texas. This area of Texas has received a great deal of press in recent weeks due to the extremely high rates of production in newly drilled Oil wells. The Bain #11 and Bain #12 will be targeting the highly sought after Buda Limestone and the Austin Chalk formations. The Buda is below the Eagle Ford in South Texas. Buda oil wells do not need expensive fracture stimulation jobs, they are very cost efficient to drill and complete.
“Several oil wells drilled in the Buda sweet spot in South Texas have achieved 100% return of invested capital in weeks.” - Seeking Alpha
“We are excited to develop the Bain #11 and Bain #12, because the naturally fractured formation has a good deal of pressure. With reserve estimates at over 800,000 barrels of recoverable oil, we expect strong initial production rates and many years of consistent production,” Mr. Gouin stated.
For more information on this and other activities of the Company, see the website at http://www.weatherbyenergy.com.
About Weatherby Energy, LLC
The Gouin family has been operating for three generations to apply state-of-the-art petroleum and natural gas exploration and extraction technology to the development of onshore oil and natural gas projects. Weatherby operates primarily out of Oklahoma and Texas.
This press release contains forward-looking statements with respect Weatherby Energy, LLC properties, and matters concerning the business, operations, strategy, and financial performance of Weatherby. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Weatherby does not undertake any obligation to update such statements except as required by law.
For additional information, contact: 888-225-4459
Media Contact: Simon Goldberg at info(at)weatherbyenergy(dot)com