Molori Energy Adds To Production
Vancouver, British Columbia--(March 23, 2017) - Molori Energy Inc. (TSX-V: MOL) (OTCQB: MOLOF) ("Molori" or the "Company") is pleased to announce that as part of its continuing re-development program, the Company has, in the past 60 days, successfully returned to production the State A and State C leases in Hutchinson County, Texas. The total portfolio of available well inventory in these leases is 42 oil wells and 12 gas wells (total of 54 wells). Of the 54 wells in inventory, 20 have been returned to production adding an average of 70 barrels of oil equivalent per day ("BOEPD")* of production (comprised of oil and high BTU gas).
In addition, our Texas-based operating partner Ponderosa Energy, has successfully rehabilitated roads, reconnected gas sales flow-lines, and restructured storage facilities on the State A and State C leases. A third party analysis was conducted, and proved commercial quantities of high-BTU gas (in excess of 1600 BTU) which has generated a substantial premium in sales price in relation to spot NYMEX.
- Published: 23 March 2017
- Written by Editor