OTCPK:MDMP - Post by User
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AveragePennyon Jul 20, 2021 11:59am
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MDMP Permian Basin/Ft. Worth Basin Acquisitions
MDMP Permian Basin/Ft. Worth Basin Acquisitionshttps://www.globenewswire.com/news-release/2021/07/20/2265421/0/en/MDM-Permian-Inc-Permian-Basin-Ft-Worth-Basin-Acquisitions.html We are proud to announce the engagement of MDM Energy, Inc., our operating company, taking over operations of the Brown lease (2 existing wells) in Nolan County. The company will be performing completion operations on the Brown #1, in the Strawn Sands. The well is a few miles from a Strawn field that had produced over 4 million barrels of oil. NuTech Energy Alliance has done computer simulations of the proposed frack and the results indicate favorable production. The simulation suggests an EUR (estimated ultimate recovery) of 220,000 BO. We will be applying a slick water frack with 145,000 lbs. of proppant to stimulate the zone. Work on this well is scheduled to begin later in the month of August after all transfers have been affected. As part of the deal, MDM Permian will receive a 10% carried working interest. As part of the deal, MDM Permian, Inc. will also acquire a farmout for the undeveloped acreage offsetting the Brown #1 well with a 70% net lease.