BYRDSTOWN, Tenn., March 26 /PRNewswire/ -- According to Southeastern
Energy, Inc. officials, an oil well hit on the Carl Huddleston farm in Pickett
County, TN on Monday, March 15th is believed to be the biggest well ever
discovered by the firm.
G. Allen Murrell, owner of Southeastern Energy, Inc. and North American
Resource Group said, "The well began flowing oil out of the ground within 15
seconds of drilling into the pay zone!" Southeastern Energy is a full service
oil and gas developer located in Glasgow, KY.
The new well is flowing an estimated 40 barrels per hour still shut in.
Although very early in its life, if this well were opened up, it would
probably produce several thousand barrels a day. At today's record high oil
prices, this well could have the potential to make a huge amount of money in a
short period of time.
The company's other owner, Doug Smith, hit the largest well in Tennessee
history in neighboring Overton County in 1994. Smith stated at the time, "I
have seen plenty of big wells drilled in but I have never seen one come to the
ground that quickly. It made about 90 barrels of oil in 15 seconds! Over
$3,000 of oil in 15 seconds, I'd say that's quick."
Smith and Murrell have several other leases in Pickett, Fentress and other
Tennessee counties they plan to drill. They also have areas in the Western
United States, including Texas, which will be drilling soon.
SOURCE Southeastern Energy, Inc.