Welcome!

Eclipse Authors: Pat Romanski, Elizabeth White, Liz McMillan, David H Deans, JP Morgenthal

News Feed Item

Turnkey E&P's W. Cox No. 1 Well Tests Oil and Gas

Turnkey E&P's W. Cox No. 1 Well Tests Oil and Gas

HOUSTON, TEXAS -- (MARKET WIRE) -- 03/02/07 -- Turnkey E&P Corporation ("Turnkey"), a wholly owned subsidiary of Turnkey E&P Inc. (TSX: TKY), announced today that its W. Cox No. 1 well discovered oil and natural gas from the Cockfield formation at Clear Creek Field in Beauregard Parish, Louisiana. The W. Cox No. 1 is the first well drilled in the field since Turnkey initiated a redevelopment program in the fourth quarter of 2006. The well tested 595 barrels of oil per day, 1.1 million cubic feet of gas per day and no water on a 14/64" choke with flowing tubing pressure of 1,996 psi for two (2) hours from 18 feet of perforations. The well averaged 435 barrels of oil per day, 881 thousand cubic feet of gas per day and no water on a variable choke from 14/64" to 12/64" with flowing tubing pressure of 2,005 psi over a 12-hour period. The well was drilled to a total depth of 9,590 feet and logged multiple pay sands in the Cockfield formation. Turnkey plans to perform a build-up test following the flow test and explore marketing options to sell natural gas.

John Y. Jo, Turnkey's President, commented, "This well represents a significant step in our strategy to identify and exploit bypassed pay zones in mature fields while applying Casing Drilling® technology through the use our purpose-built drilling rigs," said. "The Casing Drilling® process yielded excellent borehole conditions and contributed to good cementing results."

"Additional drilling locations for various Cockfield reservoirs are confirmed by the success of this well," Jo said. "We have already commenced the drilling of the second well in the field with an ongoing development drilling program to follow. Regulatory and Unitization issues are being addressed in order to formulate the strategy for the development plan."

Turnkey has leased or optioned approximately 5,260 acres in the project area and has also entered into a farm-out agreement for an additional 2,800 acres in the Hurricane Creek Field approximately two (2) miles to the north. Turnkey owns a 100% working interest in the W. Cox No. 1 well and the project area. Turnkey's average net revenue interest in the project area is 74%.

Turnkey is an independent oil and gas company that is focusing its oil and natural gas acquisition, exploitation, development and production activities in the continental United States using Casing Drilling® technology. Casing Drilling® is a registered trademark of Tesco Corporation. Additional information about Turnkey can be found at its website: www.turnkeyep.com.

This release and the Company's website referenced in this release contain forward-looking statements including expectations of future production and components of cash flow and earnings. Investors are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Turnkey. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks including, without limitation, blowouts and spills, and the uncertainty of estimates and projections of production, costs and expenses. The risks outlined above should not be construed as exhaustive. Investors are cautioned not to place undue reliance on any forward-looking information. Turnkey undertakes no obligation to update or revise any forward-looking statements except as required under applicable securities laws.

Contacts:
Turnkey E&P Inc.
Dale W. Bossert
President and Chief Executive Officer
(403) 828-5720

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...