Posted on April 28, 2009.
Petromax Announces Successful Completion of Horizontal Oil Well
Company’s second out of four Woodbine oil wells producing.
Garland, TX, 4/28/2009 – Petromax Operating, Inc. announced today the successful completion of its Machac #1H Woodbine Oil well in Madison
County, TX. The Machac is the company’s second horizontal Woodbine oil well that has been completed. The Machac #1H was completed with an 11 stage 1,000,000 pound frac job and is already averaging 313 bbls of oil per day during the first week, with an IP of 527 bbls. These oil wells are being equipped with Lufkin 456 pump jacks in order to accelerate the oil recovery. These early results support the Petromax belief that by implementing these
new horizontal completion techniques, they will recover 10 times the amount of oil of
a Woodbine vertical well. Company President Larry Crain is quoted as saying: “The
time to drill these oil wells has never been better, with costs per bbl at a historic low,
and oil prices on the rise it is the perfect model.” Petromax has completed drilling it’s
third horizontal Woodbine oil well, the Miller #1H and is expecting to spud it’s fourth, the Schiflet #1H in the coming weeks.
FOR RELEASE 9 A.M. PST, APRIL 29TH, 2009
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