Making Old Oil Wells New Again
July 13, 2006 (PRLEAP.COM) Business NewsHigh oil prices and tight supplies are prompting many small energy companies to seek petroleum in known reservoirs. Mammoth Resource Partners, Inc. recently announced the successful resuscitation of old oil wells in Cumberland County, Kentucky.
Each well in this six-well re-entry program had been producing commercially from the Granville formation, but was later plugged and abandoned during an era of low oil prices and negligible profits. With oil now routinely exceeding $70 per barrel, and indications that spare capacity may continue to be tight, bringing these wells back to life becomes financially viable. Re-entering and drilling to deeper formations may uncover additional reserves. The first successful re-entry has already resulted in a new, commercially producible well, and three other wells in the project have also found oil.
Mammoth Resource Partners hosts one of the Web’s premier sites devoted to energy investing and Peak Oil. Download your free copy of “Digging Deeper Into Oil & Gas Partnerships” at www.mammothresource.com or call 1-877-677-4645 for more information.