The Conversation (0)
Hinto Energy Inc. (OTCQB:HENI) announced a proprietary technology set to improve production and increase reserves of both newly drilled and existing oil and gas wells by 80 to 620 percent. The technology is designed to drill multiple, but very short radius lateral bore holes, from a vertical well that extends out to a maximum of 300 feet, compared to vertical drilling that is perforated or where a produced open hole is indicated.
As quoted in the press release:
Companies utilizing similar types of technology, such as Buckman Jet Drilling, Inc. have indicated that completion of 30 to 100 foot laterals can increase production by “50 to 200 percent in new wells and 100 to 1000 percent in stripper wells” and “can replace hydraulic fracturing in some cases.” In the report “Effect of Multiple Laterals on Well Performance,” prepared by Joshi Technologies International, Inc., the potential to increase production and associated reserves by 80 to 620 percent by drilling three, fifty foot laterals, as compared to a comparable vertical well that is normally perforated or produced open hole is indicated. The potential gains in production and reserves is based on oil zones twenty or fewer feet in thickness, adjusted for vertical permeability, skin damage, well diameter and other factors.
“The Company has been developing this downhole completion technology over the past 30 months and is very excited about the potential to unlock added production and increase reserves from its own existing wells, as well as from new wells and properties. This technology has the potential to bring old wells that meet the right parameters to near new well production levels. The key is identifying the wells/fields that meet the criteria,” Harris continued.
Hinto Energy CEO, George Harris, said:
Hinto has been evaluating technologies that will enable the Company to extract greater quantities of oil and gas from new and existing wells, while also substantially increasing reserves. This technology has gained in importance given recent lower oil and gas prices and the company is accelerating its program to begin working on Company wells.
Click here to read the Hinto Energy Inc. (OTCQB:HENI) press release
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