ADDISON, Texas, Oct. 11, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- MDM Permian, Inc. (OTC: MDMP) today announced the formation of strategic alliances with Frisco, Texas based FireDream Resources, LLC. and affiliates. “We are excited about these new relationships and the growth they will afford both sides in transactions moving forward,” said Michael Rafael, President and CEO of MDM Permian, Inc. The companies have signed an LOI to jointly develop up to 200 wells in the Southern Midland Basin with MDM Permian, Inc. as the prospect generator and operator. The LOI kicks off with the companies having entered into a sales and operating agreement for 4 wells in Irion County, Texas. MDM Permian, Inc. will retain a carried working interest (CWI) in all the projects. The wells are located in Irion County on the 160-acre Lindley lease, producing from the Canyon Sands at an approximate depth of 7000 ft. with both Wolfcamp, Clearfork and San Angelo potential behind pipe. MDM Permian, Inc. has designed a re-work program that includes updating existing infra-structure, additional perforations to increase oil and gas entry, chemical programs, and acid jobs. The company is also obtaining an option for up to four full sections where the Lindley lease is located.
MDM Permian, Inc. is also negotiating the acquisition of an additional 16 wells, with associated HBP acreage, all in the immediate area. These wells are also currently producing from Canyon Sands. “Our company is continuing to research the potential for further acquisitions within our 35 square mile area of interest.” said MDM’s President, “The overlooked oil and gas reservoirs, as well as the historically low recoveries from these wells, in the Canyon Sands, presents a tremendous opportunity to build reserves and production at a relatively low cost using modern recovery technology.” The company plans to begin work in the field within the next few weeks as paperwork and transfers are completed.
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