Drake Gold Resources (OTC Markets: DKGR) is pleased to announce a production and development update for its Pennsylvania oil & gas project in Venango County.
Drake’s six leases are producing an average of 17.2 barrels of oil per day (BOPD). The Glover lease is the most active one and, consequently, is initially targeted for the first of the rework and treatment program. Production will vary on each lease depending on such factors as the weather; down time due to reworks and treatment; and various other factors which impacts the daily output.
Each of these wells once reworked and treated historically, will produce between 1 and 5 BOPD. Management is using conservative estimates on these leases with expectations of reworking / treating approximately 100 wells. In addition, Management feels that the wells will have a median production of 1.5 BOPD which does not include the in-field drilling that may occur in the future.
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