Silver Tusk Oil Company, LLC Announces East Texas Lease Acquisition

DALLAS, May 8, 2014 /PRNewswire/ -- Silver Tusk Oil Company, LLC ("Silver Tusk") Managing Member, Paul Fenemore, is pleased to announce that Silver Tusk has recently acquired the Whelan Lease located in Marion County, Texas from Manziel Management Corporation et al.  The 1,261 acre lease is located within the productive limits of the Vicki Lynn Field and the acquisition also includes a producing oil well and an operational salt water disposal well.  Silver Tusk has recently re-established production from the oil well and is currently making improvements to the tank battery and access roads.  The Whelan #6 well has been producing oil consistently since 1955 and is currently producing at a rate of 5 to 14 barrels of oil per day.

The Whelan Lease has produced over 1.2 million barrels of oil from 12 wells completed in the Rodessa Lime on the western part of the acreage.  Individual well production rates of up to 332 barrels of oil per/day per well have been achieved from completions in the Rodessa Lime on this acreage.  Silver Tusk has identified multiple infill and step-out well locations that it plans to drill.  Silver Tusk will initially file up to 6 drilling permits for the Whelan Lease with the Texas Railroad Commission.  Pending permit approvals, work will begin on the well surface locations and access roads. The Company anticipates commencing drilling operations on the first well in about 4 to 6 weeks and it is likely that at least 3 of the wells will be drilled back-to-back.

The Whelan Lease is immediately adjacent to Silver Tusk's Big Cypress Prospect.  The first well drilled on this prospect, the Montgomery, B.J. #1, is currently producing from the Rodessa Lime and holds additional behind pipe potential in the Pettet Lime and Travis Peak Sands. The second well drilled on the prospect, the Johnson #1, recently reached its planned total depth of 8,500 feet and production casing has been set.  The Johnson #1 well encountered multiple mud log and electric log shows in the Rodessa Lime, Pettet Lime and Travis Peak Sands and a "quick-look" analysis of the electric logs indicates that the well contains multiple potentially hydrocarbon productive intervals.  The Johnson #1 well is located approximately 800 feet east of the eastern boundary of the Whelan Lease, and a second successful well on the Big Cypress Prospect increases the likelihood of finding further significant resource additions on the Whelan Lease. The remaining recoverable resources for the Whelan Lease are currently estimated to be in excess of 1 million barrels of oil equivalent.

Silver Tusk is continuing its leasing efforts in the East Texas Basin and is finalizing leasing arrangements in several more areas with the potential to yield in excess of 1 million barrels of oil equivalent per project area. Further details will be announced in due course.

Paul Fenemore
Silver Tusk Oil Company, LLC
972-401-9351

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SOURCE Silver Tusk Oil Company, LLC