Glen Rose Petroleum, a developer of on shore US oil and gas assets, plans to drill and deepen five wells on Wardlaw and Adamson leases in Edwards County, Texas.
Glen Rose will drill three new wells to a depth about 1,100 feet for increasing production and testing all three Basal Trinity Sand Zones and deepen two existing wells. Upper, Middle and Lower Basal Zones show excellent oil reserves in all the three zones. This has been found through significant research and reworking of data gathered from over 160 well logs and cable tool records.
Glen Rose Petroleum plans to increase production in 2011 to achieve high profit and positive cash flow. The basal trinity sand zone will increase company’s production significantly. Recently, ABG Sundal Collier raises capital for Glen Rose to start drilling for further oil reserves and production.
At present, Glen Rose produces approximately 60 barrels of oil per day from approximately thirty re-worked wells on 375 acres of its 15,900 leased acreage. So far, 136 wells have been drilled on the property, in which 92 wells are allowed for production and currently around 48 wells are being brought back into operation.
Source: http://www.glenrosepetroleum.com/