Greater Sooner Holdings, Inc. Provides Update on Clayton Field Workover Operations to Access $285,000,000 in Probable Reserves
HOUSTON--(BUSINESS WIRE)--
Greater Sooner Holdings, Inc., (OTC: GSNH) (www.greatersoonerholdings.com) continues to execute its workover plan to access probable oil and gas reserves valued at over $285,000,000 in the Clayton Field, located in Live Oak County, Texas.
In this phase of operations, funding has been approved and allocated to execute a recompletion of one of the 22 formerly producing wells in the field. The contractor operator of the Clayton Field, Kenne Exploration, has elected the Nicholaus Kruse #2 for the next workover as they identified hydrocarbons Proved Behind Pipe with target gas production rates capable of generating cash flow of over $5,000 per month at 75% NRI to Greater Sooner.
The Company has authorized Kenne to re-enter and workover the well to the lowest depth of former production, before clogging of the perforations and tubing prevented natural gas from flowing into and up the wellbore. Clean up operations will use coiled tubing technology with nitrogen and a mild acid to clean out the calcium carbonates that have built up in the well tubing and at the perforations of the hydrocarbon-bearing formation. Re-perforation of the target formation will re-establish gas production at rates forecasted between 30 and 50 MCF of gas per day. Any additional remediation necessary will be dependent on the results of these clean up and recompletion attempts.
The company continues to make its shareholders aware of terminology associated with its operations. The following definitions pertain to our field operations and activities.
Recomplete: The modification of an existing well for the purpose of producing oil or gas from a different producing formation.
Reperforate: "Perfing" a well means to create holes in the casing or liner of the wellbore through which oil and gas flows from the reservoir up to the surface. Perforation is accomplished with a perforating gun containing strategically placed explosive charges that is lowered into the wellbore.
Workover: Workover is a term used to describe operations on a completed production well to clean, repair and maintain the well for the purposes of increasing or restoring production.
About Greater Sooner Holdings:
Greater Sooner Holdings, Inc., based in Houston, Texas is an investment holding company with primary interests in crude oil and natural gas exploration and production.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Source: Greater Sooner Holdings, Inc.
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