Eos Petro, Inc., on February 19, announced the successful completion of a third well on its Works Property, located in the Illinois Basin.
"After completing our most recent $2.5 Million financing, we were able to complete our newest Works Property well. That well is now producing between 40 and 50 BOPD, and production is anticipated to increase in the coming weeks. In addition, we also finished recompletion work on two existing wells and we are continuing recompletion work on the remaining twelve wells. In the second quarter of 2014, we plan to drill three additional wells on the Works Property as part of our ongoing development program, in which the Company has 80 percent Net Reserve Interest ("NRI") and 100 percent working interest. We anticipate that our further efforts will expand production in the near term in addition to the results being reported in this release. Our drilling program since inception beginning on the third Quarter of last year for the first three Wells on the Works Property has been at 100 percent success ratio," said Martin Oring, Eos's Chief Executive Officer.
Eos Petro, Inc. is an American company primarily in the business of acquiring, exploring and developing oil and gas-related assets, both domestically and internationally.
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