FIELD ACTIVITIES / Sharon Energy Announces California Well Online at 2.4 MMCFD
ENGLEWOOD, Colo., June 10 /PRNewswire/ -- Jack S. Steinhauser, the president and a director of Sharon Energy Ltd. (''the Company'') (VSE/SHY)announces that the Otto Lohse #1-22 well, located in Section 22, T21N-R2Whas been placed online at a production rate of 2.4 million cubic feet of gas per day (MMCFD). The well is producing from 15 feet of perforations at 5,525 to 5,540 feet. Additional zones remain behind pipe for later completion. Sharon has a 20% working interest and a 16% revenue interest in the Otto Lohse well. Equity Oil of Salt Lake City is the operator and has a 50% working interest. Hallador Petroleum of Denver is the other working interest owner with a 30% working interest.
Commenting on the status of the Merlin Project Mr. Steinhauser stated: ''Combined production from the Henning #1-15 and Otto Lohse wells is now running at 5.0 million cubic feet of gas per day. At a $2.00 wellhead price this equates to approximately US $47,000 per month of net production revenue after operating costs. Our current plan is to drill a third well in October to take advantage of the higher gas prices expected during the winter heating season.''
Sharon Energy Ltd. is an oil and gas exploration and production firm headquartered in Englewood, Colorado, with gas properties in California, Illinois and Louisiana. The Company specializes in the application of advanced technology such as 3-D seismic and horizontal drilling.
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