Sovereign Oil & Gas Completes Drilling Initial KS Wells
PLANO Texas, Sept. 6, 2012 /PRNewswire/ -- Globalgroup Investment Holdings, Inc. (PINKSHEETS: GIHI) announced today that its subsidiary Sovereign Oil Corp has completed re-working one existing O&G well and drilling one new well in Kansas.
The initial re-work located on the South West corner of the lease was successful and oil flows are strong and production is expected to be 1-2 bopd. The JV has identified 9 drilling locations in addition to the re-work and has drilled the initial test well on the North West edge of the 400 acre lease. Although sands of 3-4 feet were identified at depths of 350'- 375' it was not as substantial as desired and was capped for future completion. The JV plans to drill or rework up to 10 oil wells by the end of 2012.
Fred Rackers, President of Globalgroup Investment Holdings, Inc., stated, "This completion of the re-work has identified significant opportunities for immediate off-set drilling on the SW section of the lease. The initial two wells in Kansas reflect GIHI's continued commitment to its subsidiary Sovereign Oil Corp.
Upon completing the re-works and drilling on the 10 JV wells, GIHI's petroleum division anticipates annual revenues of approx $300,000.
About Globalgroup Investment Holdings, Inc.
Globalgroup provides a viable online shopping alternative for fiscally challenged consumers by offering quality name brand products at affordable prices, regardless of household income, through credit alternatives and time-payment options. Globalgroup also offers technology solutions such as GlobalLOK™that address the computer payment collection challenges associated with rent to own, pay as you go and no-credit-check computer markets, and in other industries where remote PCs and laptops are deployed. Sovereign Oil, a wholly owned subsidiary, has its emphasis on oil and gas exploration, drilling, and well completion.
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SOURCE Globalgroup Investment Holdings, Inc.