Sovereign Oil & Gas continues drilling in Kansas

Source: Globalgroup Investment Holdings, Inc.

Globalgroup Investment Holdings, Inc. (GIHI) announced today that its subsidiary Sovereign Oil Corp is continuing to re-work and drill additional wells in Kansas. The drilling and rework of the first two of the ten wells is now completed and Sovereign will continue drilling an additional two wells immediately. With inclement weather now upon the region, Sovereign anticipates completing the two additional wells by the end of Q4 2012.

Under the original terms of the KS JV leases, the Company received a fifty- percent (50%) working interest in the O&G wells for its investment. Sovereign has recently purchased the remaining 50% working interest from the JV partner and now owns 100% working interest in the KS lease. The company plans to rework all 10 proposed oil wells by the end of Q2 2013.

Fred Rackers, President of Globalgroup Investment Holdings, Inc., stated, "This additional purchase of the JVs remaining 50% working interest in the KS lease along with our intention to complete all 10 wells by the end of Q2 next year; reflects upon GIHI's continued commitment to its subsidiary Sovereign Oil Corp."

Upon completing the re-works and drilling of all 10 KS wells, GIHI's petroleum division expects improved annual revenues of approx $600,000 annually.


Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs