Posted on January 12, 2009.
Petromax Announces Successful Completion of Gas Well
Newest natural gas well expected to produce great results.
Garland, TX, 12/15/2008 – Petromax Operating, Inc. announced today the successful completion of its Freeman #1 Cotton Valley well in Rusk County, TX. The Freeman #1 had an average production for the first week of 1,783 MCFD (Thousand Cubic Feet per Day/Gas) and 35 BOPD (Barrels of Oil Per Day). Petromax has other existing wells in the Minden Field adjacent to the Freeman #1. The offset Rio #1, located on the contiguous lease to the freeman, has produced 406,903 MCFG (Thousand Cubic Feet Gas) and approximately 5,212 BO (Barrels of Oil) during the first 19 months generating $3,365,258.00 of gross revenue in that period. Petromax early models of the Freeman #1 indicate a 25-35% higher EUR (estimated ultimate recovery) compared to the Rio #1. President Larry Crain stated, “We are very pleased with the results we are achieving in this field and we are anxiously looking forward to developing our remaining Freeman locations over the coming 12 months”.
Contact: Larry Crain Petromax Operating Phone: (972) 271-0999 Fax: (972) 271-2533 603 Main Street, #201 Garland, TX 75040 www.petromaxoperating.com
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