Boomerang Oil Announces New Oil and Gas Discovery

Boomerang Oil, Inc. (CSE:BOI,FSE:0B9) reported an oil and gas discovery in the Crawar #1 Well at its J.B Tubb Leasehold Estate at Crawar Field, Ward County Texas. Boomerang’s recent NI 51-101 engineering reports and reserve studies have indicated net proved reserves of at least 243,000 barrels of oil equivalent.

As quoted in the press release:

The current discovery has a strong potential to increase these reserves due to its initial characteristics being very similar to the Glorieta formation. The Company will first drill the proposed Ellenburger well at 8,300’, then perforate this zone with goal set to bring online in the Crawar #1 of the North 40 to completion, upon which the Company anticipates it will deploy a small frac simultaneously to assist fluid flow in this sedimentary carbonate rock “dolomite rock” formation.

Boomerang CEO, Dennis R Alexander, said:

We are very pleased with the finding results so far collected and in from the Crawar #1 well. The discovered resource base, excellent reservoir properties and short tie-back distance to infrastructure already in place, indicate that this epee type structure in the Crawar #1 well starting at 3,592’ to 3,670’ feet has all the necessary characteristics to become a commercial well. We believe this discovery will enhance reactivating the North 40 acres of the J. B. Tubb Leasehold Estate. Furthermore, there is exciting upside potential in the North 40, which needs to be further investigated. Boomerangs historical participation in J.B. Tubb Leasehold Estate is a result of the new follow up review and exploration strategy that the Company along with its partner and operator, Success Oil Co. Inc., has adopted, and a great endorsement of our team’s ability to follow through on that strategy.

Click here to read the Boomerang Oil Inc. (CSE:BOI) press release