Strategic American Oil Corp. just announced that it has successfully reworked and increased production from its State Tract 343 No.18 well located in the North Point Bolivar Field in Galveston Bay, Texas.
Well production has more than doubled its original daily rate since the rework operation, resulting in additional monthly revenue of approximately $30,000 to the company. According to the press release, the company has many more wells awaiting recompletion or rework and is already executing its plan to bring on the latent production.
Management anticipates increasing the company’s production beyond 1,000 barrels of oil equivalent per day (boepd) by the end of this year. This is in addition to any potential production increases from drilling activities and new acquisitions, which alone could far surpass management’s goal.
“This is yet another example of the abundant low hanging fruit we have internally, apart from our larger drilling projects and acquisition opportunities. This operation, although relatively small, will pay for itself in a matter of weeks and is expected to produce for many years, underscoring our strategy of pursuing projects that have attractive returns on investment,” stated Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
Strategic American Oil told investors that it will continue to provide updates pertaining to its development programs as information becomes available.
For additional information, visit www.StrategicAmericanOil.com
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