CHARLESTON, W. Va. (PRWEB) June 18, 2018
Cunningham Energy LLC has announced that the Lions Paw 4-Well Pad is now producing at a rate of 10,000 plus barrels of oil per month. The production increase includes two new wells coming online, the King #19H & King #18H. Both wells are producing at a rate of over 100 BOPD and are being held back with considerable pressure on the backside and tubing. The new wells were brought online in the beginning of May this year. “This type of production has not been achieved easily. We as a company have gone through quite a learning curve of the past few years. Current production, along with the previous results we have shown, prove that shallow horizontal oil production is viable in West Virginia. Many of the shallow sand oilfields in the State of West Virginia have tremendous potential but have been overlooked due to the focus on shale plays. Eventually we believe that capital will realize and understand the significance of the opportunity here, as the production speaks for itself," said Ryan Cunningham of Cunningham Energy. The company is currently beginning to plan and drill multiple new horizontal programs in Clay and Kanawha Counties, West Virginia for 2018.
Certain statements contained in this press release constitute "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "should," "up to," approximately," "likely," or "anticipates" or the negative thereof. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties. We have based the forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the Matterhorn prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission ("SEC") and are available at the SEC's web site http://www.sec.gov. Cunningham Energy LLC disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise. SOURCE Cunningham Energy LLC.