Combined output from both wells is 18.5 barrels of oil per day.
Emerald Bay Energy Inc. (TSXV:EBY,OTCMKTS:EMBYF) has announced the filing of the initial daily production rates for the Floyd 1 well at 9.2 barrels of oil per day, and the Floyd 2 well at 9.3 barrels of oil per day, for a combined 18.5 barrels of oil per day.
As quoted from the press release:
The Floyd wells were the first two wells drilled on the F. Poenitz lease with the company’s partner HugoCellr Ltd. Furthermore, the company wishes to clarify that the F. Poenitz lease and the Floyd wells were retained by Hugo, and are not part of Hugo’s new partnership Cotulla Energy Resources Ltd.Shelby Beattie,
President and CEO of the company commented, “We are very pleased with the initial production rates of both wells as the production rates are at the high end of what we had projected. These are the first two wells that we drilled for Hugo, and these type of shallow wells are very affordable to drill and represent a solid return on investment for him. Furthermore, our 25% interest in the wells came at no cost to us. With up to 18 additional drilling locations we will now work with Hugo to determine the timing of the next wells that they wish to drill on the lease.”