Posted on June 4, 2009.
PetroMax Announces Successful Completion of Horizontal Woodbine Oil Well
Garland, TX, 06/04/2009 – PetroMax Operating, Inc. announced today the successful completion of its Miller #1H Woodbine Oil well in Madison County, TX. The Miller is the company’s third
horizontal Woodbine oil well that has been completed. The Miller #1H was successfully fraced in 10 of the 11 scheduled frac stages. The well is in the first week of clean up with the most recent two days of production of 547 and 556 bbls/oil/day, respectively. These early results support the PetroMax belief that by implementing these new evolving horizontal completion technologies, these horizontal wells may recover 10 times the amount of oil of a Woodbine vertical well.
With the surprising amount of gas being produced by all 3 wells, PetroMax will be
implementing a gas lift system on the Miller #1H well which is expected to improve lifting efficiency by 20% to 30%. PetroMax is now drilling its fourth well the Schiflet #1H,
and designing a gas pipeline system in order to capture additional value in the casing head gas.
FOR RELEASE 9 A.M. PST, JUNE 4TH, 2009FOR RELEASE 9 A.M. PST, JUNE 4TH, 2009
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