New Gulf Energy, LLC Sets Another Record: 1,395 Barrels Per Day From Latest Horizontal Woodbine Oil Well

Mar 31, 2011, 12:28 ET from New Gulf Energy, LLC

Tulsa, Okla., March 31, 2011 /PRNewswire/ -- New Gulf Energy, LLC (NGE) announced another record producer in its horizontal Woodbine oil project in Madison County, Texas.

Petro Texas LLC, a subsidiary vehicle of NGE, and its joint venture partners Petromax Operating, Inc. have completed 13 horizontal wells in the play and are currently drilling well number 14.  NGE is utilizing the latest in horizontal drilling and completion technology and continues to tweak its methods, including lateral lengths in excess of 8,000 feet and up to 38 frac stages.  The latest well in the play, the Alphin #1H was recently completed and is currently flowing 1,395 barrels of oil per day (BOPD) and an estimated 800,000 cubic feet of natural gas per day.  The partners continue to refine the process for drilling and completing these wells in the Woodbine formation and continue to see increasingly better results.  NGE owns an average of 50% working interest in the field.  "We were one of the first groups to adopt and use this technology in a tight sandstone oil formation so we've had time to refine our recipe.  I think it is fair to say we have it pretty well nailed down," said the company's chief completion engineer, Clint Seidel.  The partners are on track to complete one well per month in the play and plan to continue on that pace.  NGE is also in the early stages of developing four additional low risk projects that deploy similar technology in proven productive areas.

About New Gulf Energy, LLC

New Gulf Energy, LLC is based in Tulsa, Oklahoma and is owned and operated by partners Tracy Poole, Wink Kopczynski, Jr., Jeff Guenther and Don Kane.  NGE owns, manages and operates projects in Texas, Louisiana, Kansas and Oklahoma.

SOURCE New Gulf Energy, LLC