Amazing Energy Oil and Gas Co. said on Aug. 25 that it closed the acquisition of Jilpetco. COO Reese Pinney said that this transaction improves the company’s operational control and cost control over its leasehold.
Pinney said that workover rigs and service equipment were acquired, and that a drilling rig was purchased. It is sized for the shallow Queen Sand wells that Amazing Energy is drilling, Pinney added.
Pinney said that within the next 60 days, a workover program will begin on four wells that will implement the completion design that has delivered the best results to date. Pinney said that the last four wells using this design had an average reported IP of 80 barrels per day.
Jilpetco will continue as a registered operator with the Texas Railroad Commission, with Pinney serving as its president, the company said.
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