Fortune Oil and Gas’ (PINK SHEETS:FOGC; http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy (http://www.cressentenergy.com/) is pleased to provide an update on the development plans of the company’s most promising leases in Texas.
Cressent is proceeding with oil extraction preparations on the Liberty Salt Dome, an area south of Houston that Cressent purchased as six individual leases in 2010 as Proven Undeveloped Drill Sites (PUDS). Several older wells are in place in this area, and Cressent is starting the reconditioning phase of these wells so it can move into oil development of these leases.
The reconditioning consists of checking the fluid levels and swabbing the wells, or getting rid of the salt water. Following this, Cressent will proceed with cleaning of the gravel packs and building the pad for the rig around the wells and clearing flow lines to the tank batteries.
Barring any drilling permit delays, Cressent management expects to have the first well drilled in Q3 of 2011. Profit for the company is anticipated within three months after opening. The company aims to drill up to 5 wells on this field.
More details will follow shortly on Alta Mining, FOGC’s mining subsidiary.
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