FOR IMMEDIATE RELEASE (VIEW PDF)
October 27, 2017
Okfuskee County, Oklahoma – Wright Drilling & Exploration, Inc. recently purchased two existing oil wells (MARIAN #1 & PETTIGREW #1) conveniently located in the middle of their two currently expanding oil fields.
“The MARIAN #1 and PETTIGREW #1 not only have current oil production, but they also benefit both our adjacent oil fields with saltwater disposal and flooding features, as well as gaining Wright Drilling additional lease acreage,” said Michael W. Wright, Chairman and CEO of Wright Drilling & Exploration. “In a few months from now we shall have as many as ten producing oil wells in the same area. This not only shows our new partners how we successfully drill new wells, but also shows that we can take those new wells to the next level with increased oil production through various saltwater enhancing methods.”
The “JULIE Oil Field”, located North/Northeast of the MARIAN #1 and PETTIGREW #1, will now have a dedicated saltwater disposal system allowing each JULIE well to increase its oil production with a much lower cost for saltwater disposal.
The “LOMA LINDA Oil Field”, located West/Southwest of the MARIAN #1 and PETTIGREW #1, will soon have a water flooding feature running below its current producing oil zone(s) to increase the oil and natural gas production in each of the LOMA LINDA wells at no additional cost to its partners.
Wright added that Wright Drilling & Exploration now has a dozen productive oil well locations and over 10,000 acres under lease across the states of Oklahoma, Kansas, and Texas.
Wright Drilling & Exploration, Inc. is an emergent North Texas-based oil and gas exploration investment company specializing in creating Limited Liability Companies for direct participation drilling and exploration ventures for accredited investors. Oil and natural gas investments can provide tremendous tax benefits to its investors.