Brinx Resources Announces Oil Development Drilling Plans and Completion of 3D Seismic Program in Oklahoma
ALBUQUERQUE, N.M., July 12, 2011 /PRNewswire/ -- Brinx Resources Ltd. (OTCQB: BNXR) is pleased to report that the Company and its partners have elected to drill a development well offset the highly successful 2008-3-5 well in southern Oklahoma. Drilling of the new 2008-3-5A well is expected to commence within the next two weeks.
The original 2008-3-5 well began production in May of 2009. As of June 1, 2011, the well had produced over 150,000 barrels of oil and 16.5 million cubic feet of natural gas from a single pay zone. The 2008-3-5 well continues to produce at a stabilized rate of over 100 barrels of oil per day. Electric logs conducted in 2009 identified a number of additional pay zones in the 2008-3-5 well above the currently producing pay zone. Engineers have estimated that the upper pay zones could contain over 180,000 additional barrels of oil to be recovered from the development well.
Brinx Resources is also pleased to report that data gathering ("shooting") at the Company's 3D seismic program in southern Oklahoma has been completed. Initial analysis of seismic data from the 83,043 acre (130 square mile) program has already identified several high quality drilling prospects. Additional potential drilling locations are expected to be identified as the partners continue to process the enormous quantity of proprietary field data generated by the program. Drilling of the first seismic anomaly targets could start as early as late summer or early fall.
Further information regarding the 2008-3-5A well and the 3D seismic program will be released as it becomes available.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing onshore North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sands Project in Noble County, Oklahoma (25 to 40% interest); the Oklahoma Projects drill and seismic programs (5% interest); King City project in California (20% interest); and the Palmetto Point and Belmont Lake Oil Field Projects in Mississippi (8 to 8.5% interest). Brinx Resources is seeking to further develop its existing projects through development or offset drilling and expand its portfolio to include additional interests in North America and internationally.
Investor Contact
LiveCall Investor Relations for Brinx Resources
E-mail: [email protected]
Brinx Corporate: www.brinxresources.com
Investor Community: www.livecallir.com
Toll-Free: (877) 226-8002
Safe Harbor Statement: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
SOURCE Brinx Resources Ltd.
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