Midwest Oil & Gas Releases Oil Reserves Estimates For Its Texas Property
PAYSON, Ariz., May 6, 2016 /PRNewswire/ -- Midwest Oil and Gas (OTC PINK: MWOG) announced today that it has received the results of a study conducted by a third party geologist to estimate the oil deposits of its newly acquired 160-acre lease in Callahan County, Texas.
Formation |
High Case OOIP, stk bbls |
Low Case OOIP, stk bbls |
Strawn |
903,652 |
516,372 |
Cross Plains |
542,191 |
309,823 |
Cisco |
722,921 |
413,098 |
Caddo |
220,672 |
110,336 |
Ellenberger |
580,339 |
435,254 |
Total Original Oil In Place |
2,969,775 |
1,784,883 |
Reserve Methodology and Calculations
Volumetric calculations for Original-Oil-In-Place (OOIP) were performed for all reservoirs that should be present in the wellbore. This method is widely accepted within the petroleum industry, and uses sound engineering principles and practices. These properties were determined by reviewing numerous existing wellbores in the immediate area. The values shown above are for the full 160 acres of the acquired lease. A High Case and a Low Case was evaluated for each reservoir. The difference in the two cases is a change in porosity value.
Reserve Estimators Qualifications
Mr. Randy Chillion has been a Petroleum Engineer for 36 years. He was employed by Amoco/BP for 34 years (Amoco and BP merged in 1999) until becoming an independent geologist in 2015.
One of his functions during that time was as a "Certified Reserve Estimator" within Amoco. Meaning that, Amoco deemed he had sufficient training, experience and expertise to calculate reserve estimates for use in their official reserves estimates to reporting agencies such as the SEC.
About Midwest Oil & Gas
Midwest Oil & Gas is a hydrocarbons exploration and production company with its main base of operations in Kansas. The company's flagship property is a combination of 3 leases located in Montgomery County, Kansas totaling around 600 acres and the company acquired a 160-acre oil and gas lease in Callahan County, Texas in 2016.
Additional information on Midwest is available at: http://midwestoilandgasinc.com and a via EDGAR at www.sec.gov.
Forward Looking Statements and Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Midwest Oil and Gas and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "estimates," "believes," "anticipates," "intends," expects" and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Midwest Oil and Gas Inc.'s current expectations and beliefs concerning future developments and their potential effects on Midwest Oil and Gas Inc. There can be no assurance that future developments affecting Midwest Oil and Gas Inc. will be those anticipated by Midwest Oil and Gas Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Midwest Oil and Gas Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 and the Bespeaks Caution Doctrine.
SOURCE Midwest Oil and Gas
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