Customer Located in
Initial remedial stimulation treatment of the well was performed by our partner, Maverick Energy Solutions,
Our customer’s wells in the Oil Creek Formation consistently had an initial and steady rate of production of 5 barrels per day with little or no visible water with negligible variance from 5 barrels per day through the first year of production.
We are pleased to announce initial remedial stimulation treatment results over the last two weeks as follows: The first day back in production the well was producing oil at a rate of 15 barrels per day, a volume three times that of its initial production rate, with little visible water present. Subsequently, the well is producing at a steady daily rate of 30 barrels per day – a 600% increase in production, with no visible water present.
We will release information during Q1 2023 as additional results become available to us.
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This press release contains "forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; benefits arising from the transfer of assets into the two subsidiaries; the ability of the subsidiaries to attract investment and strategic alliance opportunities; and any other effects resulting from the information disclosed above. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the
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