The Blackstone #1, an oil well that was offered as part of Texas Energy Group's Cleveland Six drilling project located in Liberty County, Texas, reported a production increase from 65 BOPD to over 200 BOPD within the last week.
Mark Baize, VP of Operations for Resaca Resources (the operating arm of Texas Energy Group), believes this production increase is due to the formation cleaning up on its own.
Texas Energy Group is currently pinching the well back to 65 BOPD in an attempt to protect the formation. Texas Energy Group also wants to keep it at 65 BOPD due to current (low) commodity prices.
TEG is currently funding their 3P project. The 3P Project offers three (3) shallow and relatively inexpensive gas wells to drill and complete. These three wells are direct analog offsets to the currently producing West Powell #1.
Based on TEG's Miocene gas discovery on the West Powell #1 well in Goliad County, Texas TEG has now been able to develop three (3) direct analog offsets to drill. These three (3) wells range in depth from 1,850 - 2,700.
For further information on the 3P Project and/or other oil and gas investment opportunities with Texas Energy Group, please contact their Investor Relations Department at (877) 893-6749.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular when used in the preceding discussion, the words "believes", "expects", "intends", "will", "anticipated"
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Texas Energy Group (TEG) is an Austin, TX based Oil & Gas Investment and Exploration Company specializing in multi-well, low risk developmental drilling projects. For Oil & Gas Investment information go to www.TexasEnergyGroup.com or call (877) 893-6749.