MGRN
News:
June 2 - Monogram Energy, Inc. Announces 50% Production Capability Increase in Corsicana, Texas
Monogram Energy, Inc. (OTC: MGRN), an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties, announced that the Company's six wells on the T.W. Martin lease are currently producing, and that the three additional wells in the workover process should be completed by the end of June.
The 9 total wells are then expected to produce 2 barrels per day each for a projected yield of 540 barrels per month. This workover progress represents a 50% increase from the May 13th release projections of 270 barrels per month based on production estimates on the initial 6 wells.
The T.W. Martin lease comprises 70 acres with 12 wells and is located in Navarro County, Texas, which produces around 600,000 barrels annually.
"We're very pleased with our progress so far. With a little luck we might even complete our current workovers ahead of schedule," stated Mr. Billy King, Chief Executive Officer of Monogram Energy, Inc.
Mr. King became interested in the production of oil & gas during his ten years of employment as an attorney for the Halliburton Company, and with his representation of independent oil companies during his years as a private practitioner. Monogram Energy's goal is to maintain a high risk/reward profile, thereby enabling them to return the most value to its shareholders. |
