All NTAH update, they have begun production, good news!
Nevtah Capital Management Corp. Oil Production Begins
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Dec. 2, 1997--Nevtah Capital Management Corp. (NASDAQ
OTC:NTAH - news), which recently entered into a production sharing agreement with Tower Oil, L.L.C., announced the
initiation of production on the Borchers No. 1 well in Gonzales County, Texas.
Production on this well has totaled at present 482 barrels of oil since start-up on Oct. 2, and is set to attain a final productive
capacity of up to 300 barrels of oil per day plus approximately 200 to 300 barrels of salt water per day. This well, which is a
horizontal Austin Chalk producer, has reserves estimated by statistical methods to total in excess of 330,000 barrels of
recoverable oil. The well has produced up to the present time a total of 180,000 barrels of oil. This production level has been
reached by means of a technique utilizing a submersible high speed hydraulic jet pump. It is expected that this well will plateau
in the 200 to 300 barrels of oil per day production range within the next 60 days.
Nevtah also is announcing the initiation of leasing and commencement of operations on a second horizontal well in the Austin
Chalk formation in the same area. This leasing effort and operations on the well are expected to be completed within the next
30 days. Similar results to the Borchers No. 1 are expected from the second well. |
