OTCPK:CNRC - Post by User
Post by
AveragePennyon Aug 31, 2021 3:00pm
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Post# 33788985
HNRC TO REWORK 83 WELLS,
HNRC TO REWORK 83 WELLS, HNRC subsidiary Houston Natural Resources Inc ("HNRI") has acquired approximately 2,800 acres located in the Halff Oil Field in Crockett County, Texas. This oil field is noteworthy for several reasons:
- Located in the most prolific oil area in the USA.
- An existing oil field with proved reserves and 83 oil wells to be reworked.
- Has a prolific oil zone called the San Andres formation that has not been exploited at the present time. The primary producing reservoir is the Grayburg sand of Permian age. The Halff Oil Field has produced about 3,900,000 barrels of oil to date from the Grayburg Sand. The original oil in place in the Grayburg Sand is calculated to be 36,900,000 barrels of oil. This Zone has been producing oil for over 50 years including the Halff Oil Field. It will continue to be a productive area for at least another 20+ years.
The company intends to obtain financing of up to $1,500,000 to commence the rework of the wells in the fourth quarter of 2021 to commence generating revenue.
https://ih.advfn.com/stock-market/USOTC/houston-natural-resources-pk-HNRC/stock-news/85950221/hnrc-to-rework-83-wells-69-million-in-proven-res