New Century Energy Corp. announces another new oil discovery resulting from its ongoing drilling program in McMullen County, Texas.
The Company reports its recent success and positive results from its newest oil completion in the San Miguel Creek Field, in McMullen County, Texas. The Rabke-Maspero Unit #4 well was recently completed in the Wright Sand at a depth of 5,550 feet and has been flowing continuously over the past week at rates in excess of 85 barrels of oil per day (BOPD) on a 9/64” choke with flowing tubing pressure of 545 pounds per square inch.
“We own 100% of the working interest in this well through our subsidiary Gulf Coast Oil Corporation. In addition to this completion in the Wright Sand, we have also identified probable behind pipe reserves in this well that will be production tested after the current completion depletes. The production facility is built and oil sales have already commenced from this new well,” stated Edward DeStefano, the Company’s Chief Executive Officer.
“Also, during May we drilled and set production casing in two new additional wells in this field and completion operations on these wells will commence next week. Based on our ongoing 3D seismic interpretation program in McMullen County, we have identified numerous additional drilling prospects on company-controlled acreage, and plan to continue drilling throughout 2008 and into 2009,” added Mr. DeStefano.
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