Message #5 From:
NewsBot Date: March 23, 2005 07:49:23 PM
ACKO Austin Chalk Oil & Gas, Ltd. Announces Restarting of H12 Well
Austin Chalk Oil & Gas, Ltd. Announces Restarting of H12 Well
HOUSTON, March 23 /PRNewswire-FirstCall/ -- Austin Chalk Oil & Gas, Ltd. announced this morning that its Edgmon-Cameron H12 well has begun to produce again. The restarting of the well has resulted in an increase in production of both oil and gas, due in part to the patented methods employed by our operator to isolate the upper lateral and utilize the greater pressure present in the lower lateral.
The well previously had been producing oil, water and gas at low rates due to low bottom pressure, which is normal for the area. The engineers monitoring the results are encouraged by the upward production trend. Our operator's patented methods being utilized on this well, and which will be applied to the next four wells in our current five well program, are proving to result in maximized production. Steadily increasing rates of production for Edgmon-Cameron H12 are expected throughout the next month.
About Austin Chalk Oil & Gas.
Austin Chalk Oil & Gas, Ltd. is a development stage energy company based in Houston, Texas. ACKO's current contracts involve the company re-drilling repurposed wells -- wells known to contain oil, which due to insufficient technology in the past, were abandoned by their owners. These wells usually contain pockets of unprocured oil, which were hard to reach with the drilling techniques that had long been in favor throughout most of the world. Relatively recent developments in drilling technology have been made which allow companies like ACKO to repurchase those wells at a deeply discounted price, who then must make only a few inexpensive modifications to the well rig and can then commence extracting oil from a known-producing well.
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Austin Chalk Oil & Gas, Ltd.
