MDMP Acquires Well Interests and Drilling Locationshttps://www.globenewswire.com/news-release/2021/08/24/2285751/0/en/MDM-Permian-Inc-Acquires-Well-Interests-and-Drilling-Locations-for-Its-Operational-Subsidiary.html “Today we have received the executed P-4’s for the transfer of the Peacock oil and gas well in Wise County and the Brown Lease in Nolan County.” Stated Michael L. Rafael, President and CEO.
The Peacock well is a gas well that also produces a small amount of oil from the Conglomerate/Barnett Shale. NuTech will be analyzing the logs for the best procedures to increase production.
The 308-acre Brown lease has 2 oil wells. Both have been evaluated by NuTech Energy, and we have identified an overlooked Strawn section at a depth of 6314 ft. in the Brown #1. We have designed a frac for this well based on several computer simulations, the slick water frac is proving to be the most effective for this zone and the job is out for bid. NuTech simulations indicate a 100 BOPD initial production rate with the possibility of 220,000 barrels of production over the life of the well.
MDM Permian, Inc. will be the beneficiary of the immediate offset locations of this well at a 75% net W.I. MDMP will also have 1/8th carried working interest in the Brown #1 and #1-A.
The company has also entered negotiations for a 320-acre lease in Jack County, Texas, with a producing gas well. This well also has behind pipe potential and will be evaluated by our engineering partner, NuTech Energy, for future development.