Monday January 20 12:26 PM EDT
OILEX Acquires 28 Additional Wells in Scurry County
HOUSTON, Jan. 20 /PRNewswire/ -- Oilex International Investments Inc announced today it has
acquired, from privately owned XERIC OIL & GAS, INC., (Midland, Texas), 28 additional wells
in the Prolific Permian Basin contiguous to its Scurry County, Texas wells in the REVILO UNIT.
The wells have an estimated 1 million barrels of remaining recoverable oil. OLEX has commenced
salvage operations to remove all downhole tubing, rods, pumps and surface pump jacks. Once
salvage operations are complete, OLEX will employ its portable swabbing units and swab the oil
from the wells daily.
In related news, OLEX worked over one of its existing REVILO UNIT wells in Scurry County with
excellent results. The well is producing 60-65 barrels of oil each time it is swabbed. Prior to the
workover procedure the well was producing three barrels a day. Similar workover procedures are
anticipated on more of the REVILO UNIT wells in February to increase daily oil production.
Additionally, OLEX received their signed gas purchase contract with Union Pacific Resource Group
Inc on its Biedeger Lease in BIG FOOT FIELD, Frio County, Texas. Over five miles of gas
pipeline was laid by OLEX field personnel in early January 1997 and the 16 Biedeger wells will be
connected to UPR gas tap this week and gas sales will commence immediately thereafter.
OLEX is currently selling its oil in BIG FOOT FIELD to TEXACO; its REVILO UNIT oil to
SUN; and now its gas on the Biedeger Lease to UPR.
OLEX is in the business of acquiring, developing and producing low risk oil and gas properties.
SOURCE OILEX, INC.
Regine |
