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Microcap & Penny Stocks : OILEX (OLEX)
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To: Richard L. Williams who wrote (2909)3/8/1998 12:40:00 AM
From: Steven Taylor  Read Replies (2) of 4276
 
Flow rate reporting.

After the well is completed, it is flow tested for 72 hours to determine the flow rate at choke settings and to calculate open flow potential. This is done by independent testing companies. The report is filed with the Railroad Commission which then determines production allowables based on spacing and open flow potential. The Texas Railroad Commission has a web site where you can search completion reports and production reports. It is generally kept current. If the information is not there, then call the petroleum reporting companies such as Petroleum Information or Dwights Information. They have all records of reports that are kept current daily. They sometimes beat the railroad commission in reporting production and completion reports.

As to time of production to revenues generally takes 45 days. 30 days production and 15 days payment. If they are any good at contract negotiations they can get a higher price than spot market value.

I hope this helps.

SteveT
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