OilVoice - Bonanza Oil & Gas Announces Updates on Apclark Project

Bonanza Oil & Gas Announces Updates on Apclark Project

01 July 2009

Bonanza Oil and Gas, Inc., an independent oil and gas company, provides an update on its Apclark project located in Borden County, TX.

Westerly Exploration, operator for the Apclark Field, moved on location June 12, 2008 for the Jackson #1. The well was prepared for a re-stimulation of producing zones identified during previous drilling. These zones were determined to have additional possible oil and gas production that had not been stimulated for production.

The Jackson well re-stimulation program has been completed and the well is being put back online for production. Results of the re-stimulation program appear very successful and have increased the production on the well by approximately 100 barrels per day.

With the work completed on Apclark’s Jackson Well #1, Bonanza Oil & Gas, Inc. continues to execute their business plan of development and acquisition. More so now than in recent years Bonanza’s Management believes that acquiring producing properties and further developing their working interests on existing leases is the right model at the right time. The commodity price for oil and natural gas appears to have rebounded, while new properties continue to be available at reasonable prices. Access to new properties is accomplished through Management’s experience and contacts bringing a supply of prospects, which allows Bonanza the opportunity to effectively evaluate numerous potential acquisitions. It’s business as usual, with hard work and taking advantage of the opportunities available. We’re excited about the future of Bonanza Oil & Gas, and we look forward to continuing the development program for our current assets and executing our acquisition program for new prospects.