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- Brookside Energy (BRK) produces the one-millionth barrel of oil equivalent from its SWISH ‘Area of Interest’ assets in Oklahoma
- The company only started producing less than 2 years ago
- The latest well, Wolf Pack, was brought online in February
- The company continues to devise a monetisation strategy for its oil reserves expected to create over $250 million in value
- Brookside Energy shares last traded at 1.2 cents
Brookside Energy (BRK) has officially produced the 1,000,000th barrel of oil equivalent from its SWISH project in the Anadarko Basin, Oklahoma.
The one-millionth barrel was hit less than two years after the company first began producing oil with its Jewell well. Of that figure, 715,000 barrels of natural gas liquids are included.
Production is set to continue on its upward trend with the recently activated Wolf Pack well, according to the company. That well pushed out over 40,000 barrels in its first month.
That well was only brought online in February, underscoring the competency of Brookside’s geotechnical team when it comes to knowing good oil acreage.
At the same time, Brookside is gearing up to execute its monetisation plan for its existing 11.9 million barrels of oil 2P reserves.
Using current calculations, Brookside expects to receive a net value of US$170.5 million (A$251 million).
“We continue to pursue our goals in a financially disciplined way, always with an eye on maintaining our leverage to higher oil prices as we look to monetise this liquids-rich reserve base,” Brookside Managing Director David Prentice said.
Oil prices are widely tipped to climb higher should the Chinese government introduce a stimulatory policy package designed to boost economic activity; a number of trading houses in the US are also long on the commodity, including VanEck.
Brookside Energy shares last traded at 1.2 cents.
