- Fremont Petroleum (FPL) has reported a steady increase in oil production at its leases in the U.S. following the acquisition of Trey Exploration
- Oil production across Colorado, Kentucky, Illinois and Indiana is now tracking at 126 barrels per day
- The portfolio of assets acquired from Trey Exploration has also seen an increase to 75 barrels of oil per day compared to 71 barrels per day last week
- Total oil inventory stands at 3,511 barrels, worth around US$140,440 (approximately A$185,800)
- Fremont Petroleum closed 3.33 per cent in the green for 0.4 cents each
Fremont Petroleum (FPL) has reported a steady increase in oil production at its leases in the U.S. following the acquisition of Trey Exploration.
Total oil production is currently tracking at 126 barrels of oil per day from its portfolio of assets across Colorado, Kentucky, Illinois and Indiana.
51 barrels per day currently comes from the completion of 13 out of 26 previously announced workovers in Colorado and Kentucky, which has driven a substantial increase compared to last week’s production rate of 45 barrels per day.
The package of leases that was acquired from Trey Exploration at the beginning of October has also shown a strong performance, with daily production now at 75 barrels compared to 71 barrels last week. An additional 16 low-cost workovers is expected to begin on these leases, which Fremont says will deliver further production gains.
The company now has 170 wells in action. An extensive field development program is currently in planning to expand this number and enhance potential oil production across all of these wells.
With Fremont’s assets showing a steady performance, the company has approximately 3,511 barrels of oil in its collection tanks, worth around US$140,440 (approximately A$185,800).
Tim Hart, CEO of Fremont Petroleum, said the ongoing workover programs are continuing to deliver promising production outputs.
“We still have lots of running room in the current workover program and there are a large number of wells, beyond the first 42, that are suitable for low-cost well work, comprehensive workovers and re-stimulation,” he added.
Tim also noted that Fremont is in the process of assessing other conventional oil and gas assets in the Illinois Basin.
Fremont Petroleum closed 3.33 per cent in the green for 0.4 cents each.