Brinx Resources Ltd. -- Oil Production and Drilling Updates in Mississippi and Oklahoma
Posted on: Tuesday, 30 October 2007, 09:01 CDT
Brinx Resources Ltd., (OTCBB: BNXR) (the "Company" or "Brinx") announces on its Mississippi project the drilling of the PP F-12 #3 well has reached total depth and has been logged. Production casing is being set in anticipation of oil production. Completion operations including a flow test will be conducted as soon as possible and results reported at that time.
The original discovery well in the Belmont Lake oil field, the PP F-12, is producing oil at an increased rate of flow as compared to its original production test. The well is producing on an 11/64th choke, currently at the rate of slightly more than 115 barrels per day. This compares to the original flow test rate, which was approximately 100 BO/D, on a 12/64th choke.
Brinx, in conjunction with its partners, has decided to examine the expected future production data from the PP F-12 #3 well prior to making a final decision on the timing and specific location of the next well or wells to be drilled into this Belmont Lake oil field.
In Oklahoma, Brinx and its partners has begun drilling new oil development well at Owl Creek. The new well is named the Powell #3 well and will target the same zones as the successful Powell #2 (Brinx holds a 50% working interest in the Powell #2 well and a 36.5% interest in the Powell #3 Well). The Powell #2 has been producing oil since June, 2006 and has produced over 60,000 barrels of oil and is still producing over 110 BOE/D. Information regarding the status of the Powell #3 well will be provided as it becomes available.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sand Project in Noble County, Oklahoma (40% interest); the Owl Creek Project in McClain County, Oklahoma (36.5 to 70% interest); and the Palmetto Point Project in Mississippi (8 to 8.5% interest). Brinx Resources is seeking to further develop its existing project through development or offset drilling and expand its portfolio to include additional interests North America.
Leroy Halterman, President
The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
Brinx Resources, Ltd. 820 Piedra Vista Road NE, Albuquerque, NM 87123-1954 Corporate Office: 505.291.0158 ~ Fax: 505.291.0158
For More Information Contact: Brinx Resources Ltd. Jesse Keller Investor Relations Toll Free: 1-888-33-BRINX (27469) International: + 250-491-1786 ir@brinxresources.comwww.brinxresources.com
SOURCE: Brinx Resources Ltd.
Source: MARKET WIRE
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