Management Acquires 2 Leases, 4 Wells, Options On Four Land Sections
ADDISON, Texas, Sept. 24, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – MDM Permian, Inc. (OTC: MDMP) is pleased to announce that it has entered into an agreement for the acquisition of four (4) Canyon Sand wells in Irion County, Tx. The Lindley A-1, A-2, A-3 wells, located in Section 60, and the Lindley 6103 well located in Section 61. The two (2) leases comprise 160 acres (40 acres for each well) in total. The wells are drilled to a depth of approximately 7000 ft. and are connected to the Targa gas system. Well Logs indicate the potential for further production from shallower depths, the Wolfcamp, Clearfork and San Angelo formations. The company is currently evaluating all possible scenarios to obtain maximum production from the wells. “I am excited about our behind pipe potential, meaning zones drilled through, while the deeper Canyon Sands were the target. Opportunities exist for both the Wolfcamp and the Clearfork formations,” said Mr. Rafael, President and CEO of MDM Permian, Inc. “We are very confident of the possibility of enhancing the production from the existing producing Canyon Sand formation with current completion techniques. These wells were drilled and completed in the 1980’s and we now have advanced technology to obtain more oil from these traditional zones as well as from the shales,” continued Mr. Rafael. “Our engineering report shows only a 4% recovery from the Canyon Sands in the immediate area. That leaves a lot of juice for us to work with!” The company says it will be taking over operations within the next few weeks as paperwork and transfers are completed.
MDM Permian, Inc. is also obtaining an option for an additional 2680 acres in sections 60, 61, 36, and 34. The company continues to employ landmen for the acquisition of nearby Section 40 that has produced approximately 450,000 BO from the Canyon Sands. The Section has 16 recently plugged wells and has been assessed with over 4.5 million barrels equivalent of producible oil and gas remaining. The acquisitions are consistent with the company’s overall business plan to obtain up to 18,000 acres in this area of the Permian Basin.
About MDM Permian Inc.
Based in Addison, Texas, MDM Permian, Inc. is a publicly-traded energy company with interests in oil and natural gas wells, minerals and prospects. The Company’s business plan includes building value through reserves and production in the Permian Basin of Texas.
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For additional information, view the company’s website at www.mdmpermian.com or contact MDM Permian, Inc. at (214) 651-9900