Blue Earth Resources Announces Initial Results From Workover at Hunter Mannies
Blue Earth Resources, Inc. (USOTC:BERI)
Historical Stock Chart
5 Years : From Jun 2014 to Jun 2019
INVER GROVE HEIGHTS, MN--(Marketwired - Jun 5, 2014) - Blue Earth Resources, Inc. (the "Company") (OTC Pink: BERI) (PINKSHEETS: BERI), an oil and gas exploration and production company reported today the workover and perforation results of the Hunter Mannies #1, located in Desoto Parish, Louisiana.
Hunter Mannies #1 was brought back online after a successful workover. The well has achieved initial peak production rate of 8 barrels per day, with a cut of 95% oil and 5% water after the perforation of the zone and two new zones. The well also has gas pressure showing. After consulting with the Company's advisory team, it is their opinion that the old perforations were blocked and not allowing the oil and water to reach the borehole.
The Company believes the strong result of Hunter Mannies #1 will appreciably enhance overall operations of the entire lease. John Lai, President of Blue Earth Resources stated, "This is a significant result given that there are 12 other oil and gas wells on the Spyder Field." Management believes the never produced formations on the 12 wells are also prospective for oil and natural gas."
Blue Earth Resources is confident that they can bring the Spyder Field back into robust production by the end of the year and look forward to updating the market with future developments.
About Blue Earth Resources, Inc.
Blue Earth Resources, Inc. headquartered in Inver Grove Heights, Minnesota, is a growth-oriented oil and gas Exploration and Production (E&P) company with a focus on growing reserves and net asset value per share, through the development and enhancement of oil and gas properties as well as developmental drilling opportunities.
Forward Looking Statements
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the fore-going statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
Blue Earth Resources Inc.