VAC-U-Lift, Inc., Jourdanton Texas, is involved in Oil & Gas production in Texas and the development of related business.
The company currently has leases and proven reserves of over 1,750,000 barrels in the ground. Nutek has 100-plus wells in production now, and another 100 wells planed to go into production in the next 12 months. With the world demand for oil and a current price of over $20.00 per bbl, Nutek's current reserves, without adding to them could return over 30 million in revenues in the next 5-10 years.
Big Foot Leases. Nutek is in the completion stages of its first high production well in the BigFoot area. This parcel already has 28 stripper wells in place with flows of 20 to 102 barrels per day. The recoverable reserves in this section of the Austin Chalk region referred to in the recent engineering survey conducted by Wilbur E. Hammock, PE estimates 766,000 barrels of recoverable reserves. The current well is the first of a planned 10 wells Vac-U-Lift plans to drill in this proven field over the next six months. Geological studies indicate that the wells should yield 50 to 100 barrels per day. The Company forecasts that once this field is fully developed, production should average at least 500 barrels per day. This, combined with the existing production from stripper wells, will be 700 bbl per day and produce annual revenues of 5 million a year from this 600-acre lease.
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