HOUSTON--(BUSINESS WIRE)--April 26, 2006--
Greater Sooner Holding, Inc. (OTC: GSNH) today announced that the Company is now executing the workover plans for the first six wells in the Company's Clayton Field project area in Live Oak County, Texas.
The first well is producing at predicted rates yielding over $40,000 in monthly cash flow. Remediation steps for the next five wells will access over $23,000,000 in crude oil and natural gas production.
The initial investment has been allocated to repairing individual well and field infrastructure. Field upgrades include repaired and sealed pipeline leaks resulting in reallocated pressure across the field. Individual well remediation includes coiled tubing and acid jobs to remove obstructions and increase the flow rate to the surface. Service providers and resources to execute these repairs are onsite and performing without fail.
With these initial steps in process, the Company can now prepare for the next workover phase -- the deepening of one of the wells in the field to access an additional $30,500,000 in probable oil and gas reserves. This operating plan for the entire field production is expected to access over $285,000,000 in probable reserves.
About Greater Sooner Holding, Inc.
Greater Sooner Holding, Inc. is a crude oil and natural gas exploration and production company with operations in Houston, Texas. The Company executes a repeatable business model to generate cash flow by reworking existing operating wells with proven reserves and using the proceeds to drill new and deeper wells in the target project area.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the potential for additional customer growth from acquired operations and additional opportunities for growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Greater Sooner Holding, Inc.
Source: Greater Sooner Holding, Inc. |
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