MOLORI ENERGY INC COM NPV (OTCMKTS:MOLOF)
MOLORI ENERGY INC COM NPV (OTCMKTS:MOLOF) has announced a return to production in the State A and State C leases which are located in Hutchinson County, Texas. This is in line with the company’s ongoing program to re-develop. The two leases have a total inventory of 42 oil wells and 12 gas wells. Out of these, 20 wells are back to full production adding a total of 70 barrels of oil every day.
Additionally, MOLORI ENERGY INC COM NPV (OTCMKTS:MOLOF)’s operating partner in Texas, Ponderosa Energy, has done a lot of rehabilitation on the roads, restructured storage facilities, and reconnected gas sales flow-lines on both leases. An analysis done by a third party confirmed the presence of commercial quantities of high-BTU gas which has led to significant sales.
Currently the two companies are jointly producing around BOEPD from the State A and the State C leases in addition to ongoing work on other leases. This shows a 35% increase from the 280 BOEPD announced earlier and an 850% increase from the company’s initial investment which was producing 40 BOEPD in June of 2016. The company is planning to release a new reserve report so as to adequately highlight on the increase in RTP.
The two leases are part of a former flowing river which has been out of production since it dried up several years ago. Going by the rate of flow of the refurbished wells in the two leases, the company has projected that the State leases alone have the capacity to double the current rate of production.
In other news, the MOLORI ENERGY INC COM NPV (OTCMKTS:MOLOF)’s partner Ponderosa Energy LLC has acquired full interest in around 4,000 acres in Red Cave located in Moore County, Texas. The new leases are located within 30 minutes drive from its other Panhandle properties. The Red Cave, which has been known to be very productive for a long time, is around 2,500 feet deep and nearly 700 feet shallower compared to Molori’s Brown Dolomite/Granite Wash production. Like in the Permian Basin, the reservoir has been unlocked using modern frac technology and other completion techniques.
MOLORI ENERGY INC COM NPV (OTCMKTS:MOLOF) is a gas and oil production company and currently has operations in the Texas Panhandle. The company, launched in 2011, has an experienced management team that is currently involved in aggressive acquisition of properties that have the potential to increase the company’s cash channels.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.