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18.08.2009
Aragon Energy: Projected Monthly Revenue of $136,500 from First 3 Wells should Increase with the Discovery of New Oil Reserve Potential
Aragon Energy: Projected Monthly Revenue of $136,500 from First 3 Wells should Increase with the Discovery of New Oil Reserve Potential
Zurich, Switzerland, August 18th, 2009
Aragon Energy AG (FRT: EEN) is pleased to announce the discovery of a new Oil Zone that has the potential of increasing its producing reserves substantially.
The new discovery was made while the company was implementing upgrades and rework procedures to put the existing first 3 wells back into production on its Kemp lease.
Chief Operating Officer Cameron Cravey reported “When we were drilling out the injection well, we discovered up a hole that Oil was leaking into the well. It appears that our activity has created a natural frac that is communicating with a new zone in the well bore. The pressure from this zone caused a crack in the tubing, allowing us to observe the Oil rich zone which we have now under test. The testing is showing a very good Oil cut which could lead to a large new reserve which has never been produced from.”
Testing will continue over the next 15-20 days to better determine the production and reserve potential of this new discovery and the direction the work plan should take.
Originally the Company planned to rework and the first 2 wells that were previously producing 360 barrels of oil per month and upgrade them with higher capacity pumps and supporting equipment to increase production to approximately 2100 barrels per month. The 3rd well which is the Injection well, was to be drilled out and upgraded to handle the increased volume.
At US$ 65 a barrel, the Company expects Gross monthly revenue to come in at US$136,500 from this 3 well combination.
With the discovery of this new zone, potential production rates and the size of the producing reserve should increase from the original plan. Further testing is currently being conducted to determine this outcome.
Press Release August 17th Continued
About Aragon Energy
The company acquires properties with previously discovered known oil and gas reserves that have not been fully developed or defined and can provide an upside potential with additional investment.
Through the deployment of certain technologies and methods, Aragon brings back to production abandoned previously producing wells and performs additional development and drilling phases to further define the reserves to a proven producing state. The goal is to clean up and develop qualified bookable reserves on properties that have been left behind, resulting in a better utilized, cleaner and maintained environment while adding increased value to our shareholders.
Currently, 3 Projects have been acquired, all of which are located in Texas, USA. The development of the 1st project is now underway.
For further information contact:
In North America;
Brian Kennedy
Chief Executive Officer
416 567 5643
bkennedy@aragonenergyag.com
In Europe;
Petjo Noack
Investor Relations
+49 173 679 3092
pnoack@sherbrookeequity.com
Information presented in the Press Release constitutes neither an offer to buy or sell securities and contain “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any Statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements.”
Corporate Office: Sihleggstrasse 23 8832 Wollerau, Switzerland
Field Operations: 123 E. Market St., Mabank, Texas USA, 75147
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Zurich, Switzerland, August 18th, 2009
Aragon Energy AG (FRT: EEN) is pleased to announce the discovery of a new Oil Zone that has the potential of increasing its producing reserves substantially.
The new discovery was made while the company was implementing upgrades and rework procedures to put the existing first 3 wells back into production on its Kemp lease.
Chief Operating Officer Cameron Cravey reported “When we were drilling out the injection well, we discovered up a hole that Oil was leaking into the well. It appears that our activity has created a natural frac that is communicating with a new zone in the well bore. The pressure from this zone caused a crack in the tubing, allowing us to observe the Oil rich zone which we have now under test. The testing is showing a very good Oil cut which could lead to a large new reserve which has never been produced from.”
Testing will continue over the next 15-20 days to better determine the production and reserve potential of this new discovery and the direction the work plan should take.
Originally the Company planned to rework and the first 2 wells that were previously producing 360 barrels of oil per month and upgrade them with higher capacity pumps and supporting equipment to increase production to approximately 2100 barrels per month. The 3rd well which is the Injection well, was to be drilled out and upgraded to handle the increased volume.
At US$ 65 a barrel, the Company expects Gross monthly revenue to come in at US$136,500 from this 3 well combination.
With the discovery of this new zone, potential production rates and the size of the producing reserve should increase from the original plan. Further testing is currently being conducted to determine this outcome.
Press Release August 17th Continued
About Aragon Energy
The company acquires properties with previously discovered known oil and gas reserves that have not been fully developed or defined and can provide an upside potential with additional investment.
Through the deployment of certain technologies and methods, Aragon brings back to production abandoned previously producing wells and performs additional development and drilling phases to further define the reserves to a proven producing state. The goal is to clean up and develop qualified bookable reserves on properties that have been left behind, resulting in a better utilized, cleaner and maintained environment while adding increased value to our shareholders.
Currently, 3 Projects have been acquired, all of which are located in Texas, USA. The development of the 1st project is now underway.
For further information contact:
In North America;
Brian Kennedy
Chief Executive Officer
416 567 5643
bkennedy@aragonenergyag.com
In Europe;
Petjo Noack
Investor Relations
+49 173 679 3092
pnoack@sherbrookeequity.com
Information presented in the Press Release constitutes neither an offer to buy or sell securities and contain “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any Statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements.”
Corporate Office: Sihleggstrasse 23 8832 Wollerau, Switzerland
Field Operations: 123 E. Market St., Mabank, Texas USA, 75147
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0042948478
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.