The Conversation (0)
Hinto Energy (OTCQB:HENI) says it has drilled a new well in Ohio – located on the Appalachian geosyncline – which produced 20 plus barrels of oil in approximately 15 minutes. Hinto will retain a 75 percent non-operated interest in this initial well along with 75 percent of any future well on the property.
According to the press release:
Hinto will retain a 75% non-operated interest in this initial well, after payout, and 75% of any future wells developed on this property and is considering the use of 3D seismic to target higher value prospects. Hinto has established a 36 square mile AMI (area of mutual interest) with the operator, which could provide for additional drilling opportunities.
George Harris, CEO, said:
We continue to look at exploration and production opportunities that deliver positive results even at current oil and gas prices. We believe this new well provides such an opportunity.
Click here to read the Hinto Energy Inc. (OTCQB:HENI) press release
Click here to see the Hinto Energy Inc. (OTCQB:HENI) profile.