Smarts Oil & Gas, Inc. Purchases 640 Acre Lease In Ochiltree County, Texas
HOWELL, Mich., March 19 /PRNewswire/ — Smart Oil & Gas has purchased the Northwest Perryton Prospect, 640-acre lease with one producing well, the OMJ #2. The Company has done extensive research on this prospect including geological studies by geologists formerly employed with Texaco & Skelly and Maxus Energy Corp. along with Digital Spectral Satellite Mapping performed by Hawkeye Geosensing. There are multiple drilling locations on the NW Perryton Prospect that have five pay zones each. These pay zones are the Chester Lime (Gas), the Lower Morrow Sandstone (Oil and Gas), the Middle Morrow Sandstone (Gas), the Upper Morrow Sandstone (Oil) and the Marmaton (Oil). Cumulatively there is potential for an excess of 2 Billion Cubic Feet of Gas and 200,000 Barrels of Oil per well based on offset production.
The OMJ #2 was drilled and completed in July 2002. This well was perforated in the Chester Formation (gas formation) at 8176′ to 8212′, and perforated in the Lower Morrow at 8100′ to 8108′ and 8112′ to 8116′. These two formations were co-mingled to try and increase production. At this time the OMJ #2 is not producing at a commercial level (approx 15 MCF/day). M’RED Petroleum LLC, the operator, will be re-working this well over the next 30 days to bring it back to maximum production. The Chester Formation could potentially produce up to .5 BCF of gas along with the Lower Morrow, which has the potential to produce 1.5 BCF of gas along with large amounts of oil and condensate.
Daniel Seifer, CEO of Smarts, states “Smarts has been working on closing this deal for almost 6 months. We are very excited about the potential of the OMJ #2 well and look forward to future drilling on this acreage. Smarts already has interested parties who want to partner up in a drilling program on this prospect based on all of the research we have completed. I finally feel comfortable saying that I feel like we have turned the corner with these recent projects and acquisitions and should soon see the revenues and profits that we have been working hard to obtain since we originally went public last year.”
Please visit our website at http://www.smartsoilandgas.com/ for updates on the company. There will be many improvements made to the website over the next month including pictures and updates on our projects and more information on our Smarts team.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words “plan,”"expect,”"believe,” and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.
Contact: Jim Gorney 734-777-7214 Jim@smartsoilandgas.com
Smart Oil & Gas, Inc.
CONTACT: Jim Gorney, Smart Oil & Gas, Inc., +1-734-777-7214,Jim@smartsoilandgas.com
Web site: http://www.smartsoilandgas.com/