HINTO ENERGY, INC. (OTCQB: HENI), engaged in the exploration, acquisition, and development of oil and gas properties, with producing wells in Utah and Montana, today announced the Company has drilled a new well in Ohio, located on the Appalachian geosyncline which includes both the Berea Sands and the Ohio shale stratigraphic levels.
"We continue to look at exploration and production opportunities that deliver positive results even at current oil and gas prices. We believe this new well provides such an opportunity," stated George Harris, the Chief Executive Officer of the Company.
"While drilling the well, the well kicked off and produced 20 plus barrels of oil in approximately 15 minutes and natural gas at an estimated rate of 250,000 cubic feet per day," said the field operator. "The well should be placed on production in early January, following installation of oil tanks and pumping unit."
"This area of Ohio has had a lengthy history of production with multiple producing zones at shallow depths, which is why we plan on initially drilling down into the Berea Sandstone, which has been a long term producer at 400 to 600 feet. We will use additional geological and geophysical analysis to evaluate deeper prospective targets in the Ohio shale, Clinton, Utica shale, Trenton and Trempealeau formations," Harris continued.
Hinto will retain a 75% non-operated interest in this initial well, after payout, and 75% of any future wells developed on this property and is considering the use of 3D seismic to target higher value prospects. Hinto has established a 36 square mile AMI (area of mutual interest) with the operator, which could provide for additional drilling opportunities.
Hinto Energy, Inc. is involved in the acquisition, production, development and exploration of Oil and Natural Gas properties in the Rocky Mountain Basins. The Company is actively seeking to acquire producing oil and natural gas properties that offer long term production opportunities and proven oil and natural gas reserves. The Company employs state-of-the-art technology for reservoir characterization, to discover by-passed reserves, and to evaluate unexploited resources utilizing modern horizontal drilling techniques. For more information visit www.hintoenergy.com.