Santa Fe Petroleum, Inc. Announces Commencement of Operations
PLANO, TX, Oct. 4, 2012 /PRNewswire/ – Santa Fe Petroleum, Inc. (the “Company”)
(OTCBB: SFPI) (formerly Baby All Corp.) announced today it has executed
the joint operating agreement (“JOA”) with it’s affiliate operator,
TexTron Southwest, Inc. The JOA is the definitive agreement for
conducting well operations with a licensed operator in the State of
As a result of JOA being finalized, the Company will commence the
fracing process of its central Texas test well. As previously
disclosed, Santa Fe drilled the test well, logged and took core samples
from the Barnett formation, and shut-in the well pending test results
from Baker Hughes and Weatherford Labs (Testing Companies). With
promising results from the Testing Companies, the Company proceeded
with its funding efforts. Now that the Company has secured the
necessary funding, the Company will begin the process of acid fracing
and completing the test well for production. This process includes the
acid fracing and a slick-water sand process, which will fracture the
formation to create permeability channels and thus easing the flow of
oil to the wellbore. This completion method is unique for Barnet Shale
wells and has the potential to generate an estimated production of 20
or more barrels of oil per day. This is prior to enhancing the pressure
in the formation, which could potentially increase daily production to
an estimated 75 barrels of oil per day.
“We are very excited to move to this next stage of production with our
initial test well. The frac completion could result in commercial
production and further our drilling and land acquisition process in the
Test Well area,” stated Tom Griffin, Chairman of Santa Fe Petroleum,
The Company is currently revising its private placement memorandum at an
increased offering amount in order to facilitate its business plan in
and around the Test Well.
For more information about Santa Fe Petroleum, Inc., please visit http://www.sfpetroleum.com.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy securities in any jurisdiction.
Safe Harbor: This release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Statements contained in this release that are not historical facts may
be deemed to be forward-looking statements. Investors are cautioned
that forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected or
suggested herein due to certain risks and uncertainties including,
without limitation, ability to obtain financing and regulatory and
shareholder approvals for anticipated actions.
SOURCE Santa Fe Petroleum, Inc.