SCOTTSDALE, Ariz., Nov. 2, 2012 /PRNewswire/ -- Mondial Ventures, Inc. (OTCBB: MNVN) is pleased to announce the first production results from the successful workover on the J.B. Tubb Leasehold, Crawar #2 well in West Texas.
As previously announced on August 28, 2012, the Company reported the funding had been secured to provide for perforating into the new untapped Glorieta Formation in the Crawar #2 well. The success of the workover resulted in 1700 Barrels of Oil and 8 Million Cubic Feet of Natural Gas being produced during the month of September.
The Glorieta formation is a proven behind pipe oil & gas zone. The properties operator, Success Oil Inc., estimates usual recoverable amounts of up to 75,000 bbls. of oil and 100,000,000 cf of natural gas for this formation's pay zone.
"Our initial results have been better than expected," stated Dennis Alexander, Mondial's CEO, who continued, "We are looking forward to further implementing our planned projects on the heels of our excellent first result."
The initial results were from free flowing liquids. It is expected the Company will put the well on pump to stabilize ongoing production levels and may frac the well in the near future to further increase production.
About Mondial Ventures, Inc.
Mondial Ventures, Inc. is engaged in the acquisition of Oil and Gas properties and assets that can be developed into revenue producing assets. The Company has put an emphasis on acquiring existing Oil fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput.
The J.B. Tubb Leasehold Estate/Amoco Crawar field is Mondial's first acquisition. Currently, there are three wells in operation on the property. The property is located in the Permian Basin on the Crawar Field, which is directly adjacent to property operated by Chevron Corporation in Ward County, Texas (12 miles southeast of Monahans and 30 miles west of Odessa in West Texas). The Crawar field is currently considered to be one of the most prolific oil & gas fields in West Texas. Several major oil companies have already established several ongoing drilling projects in this large field. Present Crawar field statistics show overall production capabilities of 500,000 barrels of oil and 4.6 BCF of natural gas per month.
Additional terms for the acquisition include an option to develop and drill a series of wells on the J.B. Tubb Leasehold Estate/Amoco Crawar Field, South 40.
Mondial initially plans to exercise one of its options by providing $1.575 million, raised on a best efforts basis, for the drilling of an Ellenburger Well at a depth of 8,300 ft.
Public Records reveal an average production rate of 240 barrels of oil per day for Ellenburger wells on properties adjacent to the South 40 acreage that are currently owned by Chevron, BP and McCulloch Oil Corp. of California.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Mondial Ventures Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Mondial Ventures, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Mondial Ventures, Inc.'s filings with the Securities and Exchange Commission.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. Additional information may be found at the following web site:
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SOURCE Mondial Ventures, Inc.