As the weather heats up, the demand
for oil is quickly following suit. The first week of April saw crude oil
prices, which have been hovering near a six-year low for much of 2015, climb to
their highest point since early March. According to a report by the Wall Street
Journal, rising demand in both the United States and Asia are driving the
market’s rally, which is great news for development-stage oil and gas company
Start Scientific, Inc. (OTCQB: STSC).
By growing and developing existing
oil and gas leasehold interests, Start Scientific is making significant strides
towards increasing its production. Take, for example, the company’s Flora Field
project, which is located in Madison County, Mississippi. According to drilling
records, the field has already produced over 7.5 million barrels of oil, but
recent advances in drilling technology have opened the door for access to well
over a million additional barrels in the future. By harnessing the existing
shut-in wells in the field, the company expects to further explore potential
deposits without the need for significant risk or expense, while potentially
gaining access to as much as 2.25 million barrels of oil under the current
farmout agreement.
“We believe the Flora Field is an
economical drilling site with the possibility of good revenue for the Company,”
stated Norris R. Harris, Chief Executive Officer of Start Scientific. “In this
environment of lower oil prices, we must drill, explore, and extract oil at the
right operational costs.”
Despite making strides towards
recovery, recent oil prices have made low-cost alternatives to shale drilling
programs essential for success in the industry. Start Scientific is placing
itself in a strong position to capitalize on the evolving market by entering
into low front-end cost farmout agreements in proven oil production regions
around the country. In January, the company entered into agreements to begin
drilling preparation in multiple sites, including both the Fayette Field in
Jefferson County, Mississippi and parts of the Palacios Field in Matagorda
County, Texas.
Start Scientific has positioned
itself to achieve favorable results for shareholders in the future. By
obtaining stakes in proven production regions, the company aims to realize
substantial savings in the exploration and development stages while achieving
significant growth in production totals over the coming years.
For more information on the company,
visit www.startscientificoil.com
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