Friday, August 20, 2010

Barnett Shale Update: Exterra Energy Inc. (EENI.OB)

By Andrea:

Exterrra Energy Inc. (EENI.OB) announced that they are acquiring 3.1K acres of new mineral leases in the Barnett shale. Not only will they be acquiring the land in which there are already 52 wells residing, but they are going to do somewhat of a renovation on the other 8 wells that are not up to production standards. The 44 efficient wells are currently producing 35 barrels of oil per day. The other 8 wells, however; will be re-worked and are projected to produce 5 barrels of oil per day. This would create a total production rate for the site to roughly 75 barrels of oil per day.

In addition to the re-working of some of the existing wells, Exterra Energy will add 10 new wells to the land which are projected to produce approximately 200 barrels of oil per day.

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