MAXWELL RESOURCES BRINGS GAS WELL ONLINE
October 21 2015 - 10:24AM
InvestorsHub NewsWire
MAXWELL RESOURCES BRINGS GAS WELL
ONLINE
Well is flowing on schedule and above
anticipated performance
DALLAS, TX -- October 21, 2015 -- InvestorsHub
NewsWire -- Maxwell Resources, Inc. (OTC
Pink:MAXE), an Oil and Gas company located in Dallas,
TX, announced today that it has followed through on their
commitment to bring first of 3 gas wells
online.
Construction of the rework project on SGG
#1 well in Houston County, Texas began as forecasted on October
1st, 2015. With a coordinated effort of field personal, engineering
consultants, and Maxwell Management team, the SGG gas well was
connected to the gas buyer transmission line at noon on Tuesday,
October 13, 2015.
Upon
uncapping the well, SGG #1 showed positive indications of being a
very strong well. The initial pressure was extremely high while the
crew worked around the clock to bring this pressure down to the
levels required for connecting into the transmission pipeline. The
team was successful and levels of flow are currently strong and
sustainable.
βIn the 24-hours prior to this release, the well
flow resulted in sales of 883 mcf natural gas on a 12/64β choke at
1500 psi flowing tubing pressure. Today the well is on a 16/24β
choke 1350 psi flowing tubing pressure, resulting in an
instantaneous sales rate of 782 mcf natural gas per day. While the
final stabilized rate is unknown, the well is flowing into an 800
psi sales line without compression assistance. Our engineering
consultants along with the Maxwell Resources team are excited by
these initial findings and will continue to consistently monitor
and adjust flow conditions in an effort to maximize the production
and efficiency of the well.β Mike Edwards,
Chief Executive Officer.
The
Maxwell field personal has now relocated to the Temple #1 well to
focus their efforts and attention to bring this well along with the
Hinchen #2 online. Per the planned construction schedule, the
additional 2 wells will be online by early November
2015.
Maxwell continues its relentless pursuit of
success by locating and developing oil and gas properties to build
shareholder value.
About Maxwell Resources,
Inc.
Maxwell Resources, Inc. is a publicly traded oil
and gas company located in Dallas, Texas. Maxwell is focused on
locating, acquiring, and developing low risk, high return potential
oil and gas projects in East Texas, South Texas and is prospecting
in the Raton Basin Area of North Eastern New Mexico, where Maxwell
currently owns a 5-year hard mineral lease.
Forward-Looking Statements
This
press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements. Any forward-looking statement
made by us in this press release is based only on information
currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
For
Media and Investor Relations Contact:
Mike
Edwards
Info@Maxwellre.com