PLANO, TX, Nov. 28, 2012 /PRNewswire/ - Santa Fe Petroleum, Inc. (the "Company") (OTCBB: SFPI) announced today the fracing/completion progress on its Test Well in central Texas is going well.
The Company previously reported that results from its Project Test Well would be forthcoming. Initially, some technical difficulties were encountered with the well bore causing a minor delay, however, a pump has now been installed and the Company's operational team feels confident the excess water can be removed in 10 to 15 days. Full production of the Test Well will begin once all the frac water has been removed.
Tom Griffin, the Chairman of the Board of the Company stated, "the fracing/completion process of our Test Well Project is progressing as expected. We have installed a pump unit to remove approximately 5,300 barrels of water from the well that was injected during the fracing process. The Water is currently being produced or removed at a rate of approximately 200-250 barrels per day. Therefore, it will take approximately another 10 to 15 days to remove the remaining water. However, with the well pressure being approximately 800 lbs when shut-in for 24 hours, the well could begin to flow on its own before all the injected water is removed. Also, it is encouraging to see a significant amount of gas being produced from the Test Well along with the frac water."
Along with beginning to plan for the next well to be drilled in the Project Test Well pattern, the company is also looking at other acquisitions to bolster its inventory of drillable prospects.
Santa Fe's history of success has been accomplished by maintaining the highest standards possible in the selection of its prospects and in its drilling and operating procedures. Our standards will continue to guide as we review these prospects.
For more Company information, please visit http://www.sfpetroleum.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
SOURCE Santa Fe Petroleum, Inc.