- Wedgemount Resources (WDGY) announced that it has commenced the company’s initial Permian Basin well workover program
- The company will complete the workovers on a minimum of six producing Willowbend and Millican wells, located in Runnels Country, Texas
- The goal is to optimize well pump performance, post the recently completed chemical treatments to further enhance well productivity
- Wedgemount is a natural resources company which engages in the acquisition, exploration, and development of mineral resource properties
- Wedgemount Resources Corp. (WDGY) shares opened trading at C$0.18 per share
Wedgemount Resources (WDGY) announced that it has commenced the company’s initial Permian Basin well workover program.
The company will complete the workovers on a minimum of six producing Willowbend and Millican wells, located in Runnels Country, Texas. The goal is to optimize well pump performance, post the recently completed chemical treatments to further enhance well productivity.
Since the acquisition of Millican and Willowbend, the company has raised production five-fold by completing chemical treatments and surface optimizations.
Mark Vanry, President and CEO of Wedgemount, commented on the announcement.
“We’re eagerly anticipating the results of the workover program. Majority of our recently acquired wells have been starved of maintenance capital for the majority of their operational lives. We’re optimistic that the workovers will further increase production beyond what we achieved with recent chemical treatments.”
The company’s San Antonio, Texas based operations contractor, Petrosaurus Inc., will carry out the field work. Petrosaurus’ in-house developed chemical cleanouts combined with well workovers and new zone perforations are a key part of Wedgemounts’s initial plan to grow production from underexploited and underdeveloped light oil formations in central and south Texas.
About Wedgemount Resources
Wedgemount is a natural resources company which engages in the acquisition, exploration, and development of mineral resource properties.
The company’s project includes Eagle Copper & Gold Project located in the Omineca Mining Division in north-eastern British Columbia.
Wedgemount Resources Corp. (WDGY) opened trading at C$0.18 per share.
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