Encore Energy, Inc. Provides Update for Horizontal Berea Drilling, Oil Production

Source: www.gulfoilandgas.com 6/13/2024, Location: North America

Encore Energy, Inc. has recently turned three (3) horizontal Berea well projects into early production and completed a nearly seven (7) mile gas transmission system that is now also in production. Encore has recently drilled a new oil discovery well in the northern field of Lawrence County while preparing to drill three (3) additional horizontal wells of which two (2) are located at the eastern field of Lawrence County. The Company is currently shipping oil from multiple wells and selling gas via a gathering system (i.e. pipeline) in the southern field of Lawrence County.

Encore Energy, Inc. is a fully integrated oil and natural gas lease owner, well operator, and developer of multiple horizontal well projects targeting the productive Berea Sandstone of Lawrence County, which is the #1 oil producing county in Kentucky. There have been well over 100 horizontal wells permitted, drilled and/or producing in Lawrence County. The horizontal Berea play is the most active and prolific oil and gas field operations in Kentucky that is being driven by the most advanced horizontal well technologies including but not limited to plug and perf multi-stage Frack completions and MWD drilling.

"Despite inflation, labor shortages and continued supply chain challenges, the Company is growing and making significant progress", said Steve Stengell, Encore's President and CEO. "Oil prices are anticipated to be strong in the short, and long-term while advancements in horizontal well technology increase the productivity of each well drilled." Although these wells are targeting oil, there exists a significant amount of natural gas reserves in this area as well.

"We are delighted with our recent results from horizontal drilling in the northern field and are excited about moving forward with oil production operations in this new area," added Stengell.

Oil and gas investments involve a high degree of risk, uncertainty, and are only suitable for qualified SEC defined accredited investors who can afford the loss of his or her investment and understand the volatility of oil and gas drilling and production along with the challenging terrain in which the Company operators. No assurances can be made as it relates to production, reserves, profitability, income, timelines, commodity prices, and other estimates that are beyond the control of management. Horizontal drilling, multi-stage Frac treatments, well completion, and production operations are capital intensive, complex and extremely challenging in the mountainous terrain of East Kentucky.

Qualified accredited investors can deduct nearly 100% of their intangible drilling costs with an estimated ~87% of their investment deducted against all other forms of active income in year one.


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