Magellan Energy Announces Update on the Thomas L. Davidson Well #1
05 Décembre 2007 - 2:30PM
Marketwired
TORONTO , an independent oil and gas company, announced today
that its management team were on site in Morgan County, Tennessee
along with the operators of Ky-Tenn Oil Inc. to oversee the acid
treatment project for the Thomas L. Davidson Well #1.
Magellan Energy has been working with Ky-Tenn officials to
re-work the Thomas L. Davidson Well #1 located in Morgan County,
Tennessee. The treatment scheduled for November 26, 2007 continued
on time and with success. The goal for this project was to frac
this well with a combination of acid and water to increase
productivity. The well was treated with 2000 GL of hydrochloric
acid (15%) and 500GL of water. The well reacted very well to the
treatment and reached a pressure of 250(lbs). Once all the fluids
were introduced the well was closed off. On November 27, 2007
Ky-Tenn Oil Inc re-opened the well which still maintained a
pressure 0f 160 (Lbs) and swabbed the well for half the day. The
oil presence was extremely strong, so that it was placed
immediately back onto the pump. The size of the well
compressor/motor is small but the well continued to produce 5 BOPD
until it ran out of gas without pumping off. The results will not
be finalized until the well stabilizes and maintains a steady
flow.
Magellan Energy's President, Mr. Akrivos, said, "We are very
pleased with the initial results of the test and that the well did
not pump off during the first day of production. Ky-Tenn Oil Inc.
will be adding a larger motor to the well to maintain a steady flow
throughout the day without disruption to production thus enabling
us to get a steady barrel count. We have to understand that this
well was treated in the past and although we did not get the
pressure of 1500 lbs, we anticipated the well still reacted very
nicely to this treatment and has come back with an increased
production rate. Until the well stabilizes and we upgrade the motor
we will be unable to give continuous, accurate barrel count. This
success is the first stage of many for Magellan and its
shareholders. We will continue to focus on our quest to place
Magellan on top as a reputable, revenue producing company in the
oil and gas industry with proven results for shareholders."
About Magellan Energy: Magellan Energy is a publicly traded
independent oil and gas company (PINKSHEETS: MGLG). The company is
actively acquiring oil and gas leases, producing properties,
mineral rights, and surface interests in Texas and Oklahoma. Once
acquired, the company intends to develop each property to maximize
the income from each property by re-establishing production,
refurbishing and improving the existing production and
operations.
Forward-Looking Statements: The statements which are not
historical facts contained in this release are forward-looking
statements that involve risks and uncertainties, including but not
limited to, the effect of economic conditions, the impact of
competition, the results of financing efforts, changes in
consumers' preferences and trends. The words "estimate,"
"possible," and "seeking" and similar expressions identify
forward-looking statements, which speak only to the date the
statement was made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, because
of new information, future events, or otherwise. Future events and
actual results may differ materially from those set forth herein,
contemplated by, or underlying the forward-looking statements.
Bill Akrivos Website: http://www.magellan-energy.com Phone:
1-866-365-4724
Magellan Energy (CE) (USOTC:MGLG)
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