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Pondělí Duben 24 12:40:14 CEST 2006
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KOKO PETROLEUM (KKPT) - This is our #1 pick for next week!
Our last pick gained $2.16 in 4 days of trading.
Current Price: $.86
5 day expected price $3.25
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KOKO Announces Corsicana Re-work Project and Production Results for its Barnett Shale Wells
Thursday April 6, 3:51 pm ET
LAS VEGAS, NEVADA--(MARKET WIRE)--Apr 6, 2006 -- KOKO Petroleum, Inc. (Other OTC:KKPT.PK - News) -
KOKO Petroleum, Inc. announced today that its operator for the Corsicana Field, JMT Resources, Ltd. ("JMT") will commence a re-work program on its Pecan Gap wells in the next week. The re-work program will consist of drilling six lateral bore production strings from the existing well bore. This process, known as Radial Jet Enhancement, will utilize high pressure fluids to drill the lateral well bores, which will extend out approximately 350' each.
JMT has contracted with Well Enhancement Services, LLC (www.wellenhancement.com) to perform the rework on its Pierce nos. 14 and 14a. A small sand frac will follow the drilling of the lateral well bores in order to enhance permeability and create larger access to the Pecan Gap reservoir. Total cost of the re-work per well is estimated to be approximately $50,000 USD.
Well Enhancement Services has reported increases in production for wells where the lateral was successfully placed. Average increases are reported to be from 300% to 1000%, which justify the incremental cost associated with the re-work project. Assuming positive results, JMT will re-work the second well, which is adjacent to the first and schedule the rework on its remaining Pecan Gap wells, which currently total 8.
KOKO announces that JMT has completed drilling the 4th pilot well for the Corsicana Flood Project. We plan on drilling 7 production wells and 6 injection wells prior to the implementation of the alkaline-surfactant-polymer technology.
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