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SOURCE Silver Tusk Oil Company, LLC
DALLAS, June 12, 2014 /PRNewswire/ -- Silver Tusk Oil Company, LLC ("Silver Tusk") Managing Member, Paul Fenemore, is pleased to announce that production facilities for the Willard Unit #1H-2 (Buda) Well located in the Sand Lake Prospect, Burleson County, Texas have been installed and production through these facilities commenced on May 31, 2014.
The Willard Unit 1H Well has already produced and sold over 10,000 barrels of oil including the sale of oil produced while drilling in the Buda Formation. Production sales through the facilities commenced at around 2 PM on May 31, 2014. The well has produced approximately 7,335 barrels of oil in 12 days. The average production rate over the past 12 days was 607 barrels of oil a day through an 18/64 inch choke with an average flowing tubing pressure of 862 psi and at times the well produced at rates of up to 67 barrels of oil per hour (equivalent to 1,608 barrels of oil per day). The well is currently producing at a rate of 29 barrels of oil per hour (equivalent to 696 barrels of oil per day) on an 18/64 inch choke with a flowing tubing pressure of 800 psi (as of 10 PM on Wednesday, June 11, 2014).
Based on the performance of the well so far we believe that the well is capable of producing at rates of around 400 to 600 barrels of oil per day over the near term without the benefit of artificial lift. Further details will be announced in due course.
Silver Tusk Oil Company, LLC
Certain of the matters discussed in this report about Silver Tusk's future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements.
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business prospects, financial condition or results of operations. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if internal estimates change, unless otherwise required by applicable securities laws.
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