Creston Resources Ltd. Announces Production Increases
Posted on: Thursday, 15 May 2008, 09:00 CDT
Creston announced production increases in its Uinta Basin properties and continued natural gas sales from the Company's working interest at the Creston Nose field in Wyoming operated by a major international oil and gas company.
The president of Creston, Mr. Brian R. Jones is quoted as saying, "At the end of 2nd quarter 2007 oil production was seriously impaired due to equipment and personnel issues, sitting at less than 30 BOPD (barrels of production/day). Natural gas prices nationwide were at historic lows due to lack of demand and projections for a mild winter."
At the beginning of 4th quarter 2007, Cliff Murray was added to the Creston team at the Roosevelt, Utah field operations office as the Operations Supervisor to restore production capability and enhance the company's ability to add production on an expedited basis. Because of unrelenting focus by all of the company's personnel, Creston was able to restore certain minimal vital well operations which provided needed oil sales and revenue before a record setting cold winter hit the Unita Basin.
Production during the 3rd and 4th quarter of 2007 remained constant in spite of limited production enhancement work on wells and what amounted to one of the worst winter seasons Utah has seen.
During the 1st quarter of 2008, in spite of continued weather difficulties, the field team's efforts resulted in an increase in crude oil production of nearly 45% over that of the 4th quarter of 2007.
With the 2nd quarter of 2008 in full swing, production for April reflected an additional 45% increase over the 1st quarter average, and management expects the production increases to continue for the foreseeable future. Management believes an aggressive plan to bring on additional production aided by warmer spring weather will result in significant production and sales increases over the recent quarterly comparisons.
Upon reviewing the Company's recent performance, president of Creston, Mr. Brian R. Jones remarked, "Along with the record crude oil and natural gas market prices, this enhancement of production, allowed Creston Resources Ltd. to operate in a positive cash flow position in the month of April 2008."
Source: Business Wire
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