Carrollton, Texas--(Newsfile Corp. - May 13, 2021) - MDM Permian Inc. (OTC Pink: MDMP) provides updated information from its field activities in the Permian Basin of Texas on the Lindley 6103 lease, Lindley A lease, and the Oglesby 1-A lease. Oil prices remain strong and are expected to continue to increase all year.
LINDLEY 6103
At the end of February and beginning of March, Texas underwent a major weather event with below freezing temperatures for about a week. Power was lost in the Company's field for the duration of the event. After power was restored, the 6103 well was unable to pump any fluid. The Company attempted to add hot water to the tubing in an effort to get the well pumping again. The attempt was unsuccessful, the tubing was full and the downhole pump was not working. The Company called for a rig to pull the rods and pump. Permian Services had rig on location last week. Permian Services changed out the pump and added 75 bbls of hot water to the tubing to clean out paraffin. The well was put back to production and is producing 18 barrels of oil per day while still returning load water. The well is producing from perforations at the Canyon Sand. OK ET Blackwater, LLC is the investor partner on this well. MDM Permian, Inc. owns all other lease rights.
LINDLEY A LEASE
The wells on this lease have been fully evaluated by NuTech Energy Alliance. NuTech Energy Alliance has assessed the three A lease wells with over 500,000 barrels of producible oil from overlooked reservoirs. These reserves are from Clearfork at approximately 3000 ft and San Angelo at approximately 2000 ft. The wells were producing from the Canyon Sands at an approximate depth of 6500 ft. The Company placed cast iron bridge plugs over the Canyon Sands and have begun work to open the overlooked zones. Cement squeeze jobs were done to restore integrity to the casing and protect freshwater tables. Permian Services drilled out the cement after the jobs were completed. The Company is planning to open the Clearfork on the A-1 well. The A-3 well was found to have prior cement squeezes near the San Angelo oil bearing section. This made it impossible to accurately get the proper cement mix across the section. The decision was made to plug and drill a new well to the San Angelo at an approximate depth for TD at 2100 ft. A surveyor is expected to stake the new location within the next week so that the Company may apply for a well permit. OK ET Blackwater, LLC. is the investor partner on these wells. MDM Permian, Inc. owns all other lease rights.
OGLESBY 1-A
The well produces from Canyon sands at an approximate depth of 6500 ft. and makes 1 - 1 1/2 bbls of oil per day with a trace of water. The Company sold oil from the well this month as a split load with the Lindley 6103. NuTech has done a complete assessment for this well at over 1 million barrels of producible oil from multiple zones. The company is in discussion with NuTech Energy Alliance as to the planned opening of additional reservoirs. MDM Permian, Inc. owns this well and lease 100% and has no investor partners.
About MDM Permian, Inc.:
Based in Carrolton, Texas, MDM Permian, Inc. is a publicly traded energy company with interests in oil and natural gas wells, mineral prospects. The Company's business plan includes building value through reserves and production in the Permian Basin of Texas. MDM Energy, Inc. (the wholly owned operating subsidiary of MDM Permian, Inc.), has been actively involved in the oil and gas industry since 1981 with offices located in Carrolton, Texas.
Michael Rafael has nearly 40 years of experience in the oil and gas industry, serving as founder, President and Chief Executive Officer of MDM Energy, Inc.("MDM").
Mr. Rafael has been directly involved in the drilling, completion, and operation of over 300 oil and gas projects, primarily in the Illinois Basin, and directly supervises and oversees field operations. Mr. Rafael works directly with contract geologists, petroleum engineers and geophysicists from start to finish.
For more information about the company, please visit https://www.mdmenergy.com
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Safe Harbor Act: This release includes forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that
involves risks and uncertainties including, but not limited to, the impact of competitive
products, the ability to meet customer demand, the ability to manage growth, acquisitions
of technology, equipment, or human resources, the effect of economic business
conditions and the ability to attract and retain skilled personnel. The Company is not
obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
For additional information, view the company's website at www.mdmpermian.com or contact MDM Permian, Inc. at: (214) 651-9900.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83995
