Texas Energy Group, LLC (TEG) is pleased to release an update on the oil production coming from its McCoy Blanding #1 well located in Liberty County, TX. The McCoy Blanding #1 well was offered as part of TEG’s Freedom Drilling Project and was drilled in the McCoy Field to a total depth of 7,300’.
The well went into production in early June and produced approximately 3200 barrels of oil in the first 45 days. The well is currently averaging 100 bopd +/- with some associated water.
“The oil and gas business never ceases to amaze me,” stated Waylan Johnson, President of Texas Energy Group, LLC. He further stated,“Here we are, drilling in a known mature oil field that has been producing for over 75 years and we are still finding these significant oil pockets that are capable of producing 100 bopd from a single well. This again proves our philosophy of sticking to lower risk drilling by way of drilling shallower oil wells in proven areas of production. It goes back to the old saying of, go where you know. The best place to find oil is where you know oil exists.”
TEG continues to develop numerous areas in Liberty, Montgomery, Polk and Tyler County, Texas with expectations of drilling several more wells in the coming months.
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC directly via their Investor Relations Department or visit them on the web where you can sign up for the TEG (corporate) mailing list and receive up to date information on general TEG activities, including all TEG press releases.
Disclaimer: This release/announcement/document is neither an advertisement, an offer to sell, nor a solicitation of an offer to buy securities, Units or participations of Texas Energy Group, LLC (TEG). This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/announcement/document, a Memorandum, or the TEG website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release/document, a Memorandum, or the TEG Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, a Memorandum, or the TEG Website might not occur. Accordingly, investors should not rely upon forward-looking statements or historical performance as a prediction or indicator of actual or future results. Also, Texas Energy Group, LLC., its officers, principals, employees, agents, subsidiaries, affiliates and consultants, and the other parties, investors, and partners involved in any properties, programs and TEG activities have conflicts of interests. The price received for the oil and natural gas produced from any investments, activities, properties may be less than quoted NYMEX prices at any given times. TEG does not undertake any obligation to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise. Information herein is not intended to be any form of solicitation. Information found on this page is neither an offer to buy or sell securities or other investments.