BROOMFIELD, CO--(Marketwired - Feb 26, 2014) - Three Forks, Inc., an independent oil and gas exploration and production company with operations and assets in Texas, Oklahoma and Louisiana, today provided an update on its Pink Prospect in Pottawatomie County, OK. Three Forks owns a 25% working interest and a 20% net interest in the project.
The Company's first well -- the Jim #1-33 -- was completed in the Bois d'Arc formation, which is a member of the Hunton Lime, with first oil sold late in 2013. The operator, Blue Quail Limited, has a 25% working interest in the project. The well tested for 35 barrels of oil per day (BOPD) and 101 barrels of water per day (BWPD) and has since leveled out at 10 to 12 BOPD and 25 BWPD.
The second well in the Pink Project -- the Joe Gregory #1 -- has been drilled up structure to the Jim #1-33 and encountered pay in the Misener and Hunton formations. Completion work is now underway, including perforating and acid gell fracking. The lease has been electrified and the plan includes setting a 320 Lufkin pumping unit. Blue Quail currently projects that the Joe Gregory #1 will produce at a significantly higher rate than the Jim #1-33.
"We are excited about initial drilling results on the Joe Gregory #1 and overall progress on the Pink Prospect," said Chuck Pollard, President of Three Forks. "This project includes additional drillable acreage proximate to some prolific wells that have been completed in the area. One nearby well with log characteristics similar to our wells tested initially for 220 BOPD and subsequently produced 337,000 BO from the same interval. That is the rate that we are hopeful to achieve in these next wells."
About Three Forks, Inc.
Three Forks, Inc. is an independent energy company engaged in acquiring, exploring, developing and producing crude oil and natural gas primarily in the western United States. The Company is led by a seasoned team of executives with deep experience in the energy industry and capital formation. Three Forks has interests in producing wells in Oklahoma, Texas and Louisiana and is actively pursuing drilling programs in all three locations. In addition, the Company is pursuing numerous opportunities in prolific oil producing regions, especially in areas where the team has operational or technical expertise. The Company is focused on building a portfolio of lower risk, long-lived oil producing assets that generate stable cash flows. Three Forks is headquartered in Broomfield, Colorado.
This news release includes statements that may constitute "forward-looking" statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by word such as "expects," "plans," "anticipates," "believes," "intends," "estimates," projects," "potential" and similar expressions. Forward-looking statements in this document include statements regarding the Company's plans and expectations for future drilling; expectations that the Company can fund anticipated capital projects; and expectations regarding recoveries. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.