Homeland Resources sees oil, gas flow from Smoky Hill project in Oklahoma

Source: Homeland Resources

Junior oil and gas firm Homeland Resources Ltd. (Pinksheets:HMLA) reported that flow rates for the three production wells at the Smoky Hill Project in Oklahoma has averaged 405 barrels of oil and 100 mfc of natural gas per day and for the past week. 

The Marshall-1 is currently flowing at the highest rate and is averaging approximately 320 bbls/day of oil per day. Pressure rates at the Marshall-1 well are strong and little production decline is expected in the near future. 

The Bradley-1 is flowing at an average rate of approximately 60 bbls/day of oil and 100 mcf/day of gas. Flow rates from the Bradley-1 initially exceeded 100 bbls/day and have subsequently stabilized at the current rate. 

The Patton-1 is currently flowing at a average rate of 25 bbls/day of oil and 8 mcf/day of gas. However, there are still several pay zones yet to be perforated at this well. These zones are expected to be perforated and producing in the upcoming weeks. 

All three of these prospect locations were selected based on positive anomalies from a proprietary database of 3-D seismic surveys done by Homeland and its partners. Expected total program reserves to be developed at the Smoky Hill Drilling Program could be in the range of 750,000 BO and 0.15 BCFG. Moreover, based on this success, the company is now actively evaluating locations for offset drill sites to all three production wells. 

"The Company and its partners are very encouraged by the significant production from each of the first three wells," says Armando Garcia, President of Homeland Resources. "We are very confident with respect to the long-term success of the wells and are currently preparing to expand operations at Smoky Hills with an offset well to further exploit the new discovery at Marshall-1." 

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