Exploration & Production
New Gulf Resources Announces Results from Horizontal Mississippian Oil Project
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New Gulf Resources, LLC ("NGR") announced today the recent well results from its Horizontal Mississippian Oil project located in Pawnee and Osage Counties, Oklahoma.
Eufaula LLC, an affiliate vehicle of NGR, is currently completing its second well. NGR controls more than 200 additional long-lateral horizontal locations in the play. The Company is using the latest in horizontal drilling and multi-stage fracture completion technology.
The Company's last well, the Robinson #1-H resulted in initial production in excess of 400 barrels of oil equivalent per day (BOEPD). The group continues to tweak its completion methods, lateral lengths, frac stages and distance between stages to optimize production and reserves.
Based on the analysis of third party engineers, the estimated unrecovered…
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