Carrollton, Texas, March 23, 2021 – OTC PR WIRE – MDM Permian Inc. (OTC Pink: MDMP) today has announced the results of the Lindley A lease wells Advanced Reservoir Characterization, Irion County, Texas.
LINDLEY ‘A’ LEASE WELLS/RESERVIOR ESTIMATES
“As stated in the MDM Permian Business Plan, we will be building value in the ground as well as providing cash flow from production.” says Michael Rafael, President and CEO. “We lost a year to COVID shutdowns and are now on track to make up for that lost time.” MDM is focused on the development of vertical wells and proving overlooked reserves left in the ground.
This month the company released the results of the NuTech Energy Alliance Advanced Reservoir Characterization. “The results are encouraging, and the following is the breakdown of the A-Lease wells by zone. The Canyon Sands have been plugged and are not a consideration for future production from these 3 wells.” The company’s Lindley leasehold, in total is 1680 acres and the estimates are based on the 40-acre locations assigned to each well per the Texas Railroad Commission spacing regulations.
San Angelo Sands
Well Name Depth OIP on 40-acre location.
A-1 1852-1903 380,563 BO
A-2 1855-1917 371,313 BO
A-3 1850-1886 537,625 BO
Total OIP (OIP indicates Oil in Place). 1,289,501 BO
Historical Primary Recovery Factor 25% 322,375 BO
A-1 3856-3880 410,375 BO
A-2 3836-3861 252,875 BO
A-3 3070-3084 165,063 BO
Total OIP 828,313 BO
Historical Primary Recovery Factor 27% 223,644 BO
These estimates indicate recoverable primary production from the 3 wells could be as much as 546,019 BO. from the combined zones. Secondary recovery, such as water flooding, could significantly enhance the ultimate recovery from these wells. “
These are significant numbers with $60. oil and expectations for higher prices this year. We plan on taking full advantage of this scenario for the benefit of the company and its shareholders.” Says Mr. Rafael.
Completion work on these wells is currently in progress and the company expects production results to be available within the next 60 – 90 days. As Mr. Rafael states, “since the wells are vertical, operating expenses are expected to be less than $10. per barrel, depending on associated produced water disposal.” Additional reserve information will be available upon completion of the analysis of the full lease acreage and ultimately, conversion to a financial asset.
Mr. Rafael also added that the company is continuing to acquire leases and wells in its area of interest, covering approximately 25 square miles of the southern Midland Basin. “We are excited and encouraged with the results from these old Canyon Sand workovers. Especially when you can recover 150,000 to 200,000 barrels per well! We are ready to aggressively proceed with acquiring more acreage, Canyon wells for re-entry, and permitting new vertical drilling.”
About MDM Permian, Inc.:
Based in Carrolton, Texas, MDM Permian, Inc. is a publicly traded energy company with interests in oil and natural gas wells, mineral prospects. The Company’s business plan includes building value through reserves and production in the Permian Basin of Texas. MDM Energy, Inc. (the wholly owned operating subsidiary of MDM Permian, Inc.), has been actively involved in the oil and gas industry since 1981 with offices located in Carrolton, Texas.
Michael Rafael has 40 years of experience in the oil and gas industry, serving as founder, President and Chief Executive Officer of MDM Energy, Inc.(“MDM”).
Mr. Rafael has been directly involved in the drilling, completion, and operation of over 300 oil and gas projects, primarily in the Illinois Basin, and directly supervises and oversees field operations. Mr. Rafael works directly with contract geologists, petroleum engineers and geophysicists from start to finish.
For more information about the company, please visit https://www.mdmenergy.com
Follow us on Twitter: https://twitter.com/mdmpermian
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
For additional information, view the company’s website at www.mdmpermian.com or contact MDM Permian, Inc. at (214) 651-9900