SAN FRANCISCO, May 09, 2018 (GLOBE NEWSWIRE) -- Advancements in fracking and a rising oil price are putting the Red Cave formation back on the map, and a small-cap energy company is acquiring a large land package, cementing its position in this low-cost area.
Included in this article is: Molori Energy Inc. (TSX-V:MOL) (OTCQB:MOLOF)
It wasn't until recently that economic production of Red Cave formation in the Texas Panhandle has become viable. A private company experimented with large-scale fracs and found success. Virtually all of the company's more than 50 wells discovered oil, and Initial Production (IP) rates have varied between 30 and 125 barrels of oil equivalent per day (boepd).
Now another company, Molori Energy Inc., appears poised to build off that success. It has land adjacent to Adams' productive wells. A year and a half ago, the company undertook an extensive evaluation of the Red Cave formation analyzing "approximately 370 well logs and cores from wells that were drilled through the Red Cave and down into the now largely depleted Brown Dolomite formation." Combining this data with Adams Affiliates drill data on file with the Texas Railway Commission gives Molori an extensive database on which to base its exploration.
Molori just announced that it has signed a letter of intent to acquire 30,000 additional acres in Moore County.
Continue reading this article: Brand-New Oil Play in this Overlooked Texas Region
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DISCLOSURE:
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The full disclosure is provided at the end of the published article: Brand-New Oil Play in this Overlooked Texas Region