Exploration & Production

Pacific Oil Initiates Overhaul of Lacadena Gas Asset

Share Print Bookmark    |    Wednesday,March 19,2014

Pacific Oil Company has begun its scheduled spring overhaul of the company's Lacadena natural gas asset.

The entire project is being revamped with the goal of producing higher revenues through greater efficiency, lower operating costs and traditionally higher natural gas prices.

Vice President Ed Loven states, "We believe that with Gas prices consistently higher than last year and before the season changes and road bans are put in place for 'spring break up,' now is the time to address the wells that are not currently in the system will need to be tied in; wells with greater potential will be activated and wells that no longer perform to Pacific's standards will be abandoned."

All indications are that by doing the maintenance and optimization procedures now, Pacific Oil stands to increase its top and bottom line growth as it relates to the project as a whole.

Loven added: "We firmly believe we have the right people in place to get the job done right the first time and as a company we look forward to enhanced revenues moving forward into the fall season."

It is important to note that the company's Lacadena Project asset consists of 9600 Acres of Oil & Gas Property within the Western Canadian Sedimentary basin. During this strategic overhaul, the Team at Pacific Oil will be further refining geological data with the goal of identifying multiple new drill locations.

As of today the company has already begun the first step in the operational process and has shut in all natural gas wells for the current work over and rejuvenation of the existing wells. As progress is made on the property we will update the general public via news release as to our advancements.