“That project is currently underway and we anticipate it should be fully operational in the very near term,” Steve states. The pipeline to which Steve referred is three miles long, and while natural gas is a secondary source of income for the company, it still offers a significant opportunity. There are multiple off-set producing wells nearby to Encore’s projects that have reported initial production rates of more than one hundred barrels of oil per day per well,” added Steve. “We also plan to drill multiple horizontal wells to optimize long-term production and reserves for oil and natural gas.
“We have recently made horizontal oil and natural gas discoveries in the Peters Branch area, and we are currently developing a natural gas transmission pipeline system, which will assist us in optimizing oil production and selling natural gas to the end purchaser,” Steve reveals to Energy, Oil & Gas. With thousands of acres of land under agreement in Lawrence County, Encore’s proven reserve position includes select tracts such as Peters Branch and Fallsburg that are located offset to existing proven oil fields. The horizontal Berea oilfield is the highest producing formation and oil production play in the Commonwealth.Īs the most prominent oil play in Kentucky, the Berea reportedly yields an estimated 20 percent of the state’s annual oil production, making Lawrence County the number one oil producing county in Kentucky, in a state where more than 60 counties produce oil. Specializing in the horizontal drilling of what company President, CEO, Chairman and Founder Steve Stengell describes as ‘shallow-tight oil and natural sandstone’, the company is currently focusing its attention in the Berea sandstone oil and natural gas formation of Lawrence County, Kentucky. "The combined company will possess a uranium resource base of 90.0 million pounds in the measured & indicated category, 9.9 million pounds in the inferred category, as well as 68.4 million pounds in the historic category.With exciting new discoveries being explored and ambitious plans for future development, Encore Energy has positioned itself as an attractive proposition to qualified investorsĬreated just over a decade ago, Encore Energy (Encore) is a small, independent oil and natural gas producer, located in the southeastern United States. "The Transaction consolidates an industry leading pipeline of exploration and development staged in-situ recovery ("ISR") focused uranium projects located in the United States, including the licensed Rosita & Kingsville Dome past producing uranium production facilities in South Texas, the advanced stage Dewey Burdock development project in South Dakota, which has been issued its key federal permits, the PEA-staged Gas Hills Project located in Wyoming, and a portfolio of resource staged projects throughout the United States," said the companies in a news release. In a news release the companies note their niche. (Kitco News) - Encore Energy (TSXV: EU, OTCQB: ENCUF) and Azarga Uranium (TSX: AZZ, OTCQB: AZZUF, FRA: P8AA) announced Tuesday that the two companies are combining. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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