XR Energy Completes Phase 1 Rework Program
February 17 2015 - 6:38PM
InvestorsHub NewsWire
XR Energy Completes Phase 1 Rework Program
IRVING, TX--Irving,TX
- (NewMediaWire) - February 17, 2015 - XR Energy,
Inc., (OTCQB: XREG)
is pleased to announce that the Company has restarted oil
production on 2 of its wells after the successful completion of
their phase 1 rework program.
The Company through its wholly owned operating subsidiary XR of
Texas, Inc. conducted the planned re work program on their Chrane
lease property located in Taylor County, Texas. The phase 1 program
was a complete rework of 2 of the best candidate wells from
existing wells on the lease. The rework consisted of a complete
overhaul of the target wells included replacing all the tubing and
rods, and installing a new down hole pump. The wells were then acid
treated.
Akram Chaudhary, XR Energy's President and Chief Executive
Officer, said "We are very pleased with the results of our re-work
program so far. The wells are responding favorably and we are
seeing a consistent production. We will have further comment on the
increased production levels after the end of our first
quarter."
The Company is planning a second phase and will rework two
additional wells once these first two wells have stabilized. As
previously reported, the company has a low cost of production
model. The extensive rework program will result in lower
maintenance cost as virtually all parts have been replace with new.
The Company expects to achieve a $20-$22 per barrel cost of
production.
The Chrane lease is a 400-acre producing property that consists
of 5 existing wells with 2 new reworked wells now on line with oil
production from the Cook Sand Formation at approximately a
3,000-foot depth.
About XR Energy
XR Energy is an independently registered publicly traded company
(OTCBB: XREG)
in the oil and gas industry. The focus of our business is to
explore, develop, enhance and remediate multiple oil and gas
properties that have proven available reserves, using and our
state-of-the-art technologies and techniques. XR Energy is
currently focused on various property assets in the State of Texas
and is constantly looking to acquire new opportunities that fit our
parameters through the enhanced production of existing properties
with proven reserves. XR Energy has acquired several properties,
with staged in plans for remediation, work over, water flood, and
new drilling development programs and is planning further Oil
property acquisitions. Our seasoned management team only chooses
properties that can be enhanced by rework of the existing wells,
thus increasing the company's ash flow and the value our lease for
our shareholders.
Forward-Looking Statements
Statements in the press release that are not strictly historical
in nature are forward-looking statements. These statements are only
predictions based on current information and expectations and
involve a number of risks and uncertainties. Forward-Looking
statements in this release include that we are about to manufacture
our products, we can compete in the energy storage business and our
products will provide an energy storage solution to industry. The
Company's product involve detailed proprietary and engineering
knowledge and specific customer adoption criteria, hence factors
that could cause actual results to be materially different include
that will maybe unsuccessful in raising any additional capital
needs that may arise; we may not have sufficient capital to
develop, produce and deliver orders; orders that are placed may be
cancelled; product may not perform as well expected; markets may
not develop as quickly as anticipated or at all; or that the
productive capacity of the company may not be large enough to
handle market demand. Further, we are reliant on certain key
employees who may leave the Company and we may be unable to protect
or defend our intellectual property. Investors are cautioned
against placing undue reliance on forward-looking statements. Refer
to all public filings and risk factors included in the 8-K, and
10-Q 10-K as filed with the SEC.
CONTACT INFORMATION
For Further Information Contact:
XR Energy, Inc.
8411 Sterling Street, Suite 102
Irving, TX 75063
Telephone: (972)
929-4444
Fax: (972)
929-2244
Email: xreginc@gmail.com
Visit our website at www.xrenergy.com
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