BOWLING GREEN, Ky. (PRWEB) September 22, 2019
Encore has drilled and completed its first vertical Strat test and horizontal well in Lawrence County, the JDH #4A, and the #4A is awaiting production and connection to a gas pipeline. Encore has already built road / dual-pad locations and drilled the vertical Strat test well sections for the JDH #NB-1 and WFC #H1 and has completed drilling the horizontal well section for the JDH #NB-1A.
“We are moving Frac tanks on location and making preparations for a mult-stage Frac treatment for the #NB-1A,” said Steve Stengell, Encore’s President CEO. “We remain very confident in the production, reserves and cash flow timelines of the Company’s drilling, completion and production operations, as we are working with and along side the most prominent producer(s) and experienced personnel in the play”, added Stengell.
Tier I Horizontal Berea wells in this area have reportedly averaged in the range of ~100 - 150 BOPD over the initial 90 days of production where the well costs are significantly lower, as compared to other similar plays across the US. Berea oil production from Lawrence County, Kentucky alone reportedly represents nearly 25% of the states total annual oil production.
“The horizontal Berea play is both challenging and prolific, but we are gaining tremendous insight and growing increasingly confident in our future production, income and reserves,” said Joseph Hooper, EVP and Director of Encore Energy, Inc.
Oil and gas investments involve a high degree of risk and are suitable only for SEC defined accredited investors (SEC Regulation D, Rule 506c) who can afford the loss of their entire investment. Qualified SEC defined accredited investors can deduct 100% of their intangible and tangible drilling costs against all forms of income with years of potential income from production. These tax savings mitigate a good amount of the risk associated with oil and gas drilling and production.
No assurances can be made as it relates to production, reserves, profitability, income, prices, expenses, timelines and/or other projected estimates.
For more information, please contact Joseph Hooper at (270) 991-6858.
Assumptions, Disclaimer and Cautionary Statement: The information herein may contain forward-looking statements, and actual results may vary. Words such as "estimate", "will," "intend," "continue," "target," "expect," "achieve," "strategy," "future," "may," "goal," or other comparable words or phrases or the negative of those words, and other words of similar meaning indicate forward-looking statements and important factors which could affect actual results. Forward-looking statements are made based upon Management's current expectations and beliefs concerning future developments and their potential effects upon Encore Energy, Inc. Oil and gas investments involve a high degree of risk, uncertainty and are only suitable for qualified Accredited (SEC Definition) investors who are sophisticated in making business decisions and can bear the financial loss of their entire investment, while delivering a turnkey profit to the Company for proving the prospect development, lease acquisition, drilling, completion, engineering and ongoing production operations. The Company does not provide tax advice and investors should seek the advice of their tax professional. Any tax and/or other information herein is provided for illustration purposes only and may include estimates that are uncertain and subject to change. It is impossible to accurately forecast profitability, production, reserves, income, expenses and timelines for any project. No assurances can be made as it relates to reserves, production, income, profit, prices, timelines and/or other estimates. Actual production and results are beyond the control of management. In the event that commercial production is achieved, it may take many years for the investor to recoup his or her investment. The Company's lease acreage position under is subject to change and includes acreage under lease, Farmout agreement, verbal agreement, renewals, expired terms and any other prospective acreage in which the Company has communicated and/or negotiated with the landowner the leasing of oil and gas rights, now or in the future, and the lease / mineral owner has leased or communicated their intent to lease there mineral lease rights to the Company. It is important for qualified investors to acknowledge the fact that the US government provides them with tax savings (100% IDC tax deduction) to mitigate or at least off-set some of the financial risk associated with domestic oil and gas investments. This is not an offer to sell or buy a security. An offer shall only be made pursuant to SEC Regulation D, Rule 506(c) by a private placement offering memorandum, and this is not a private placement offering memorandum.