COLUMBIA, Ky., May 11 /PRNewswire/ -- Rick-Rod Oil, Inc. announced hereSOURCE Young Oil Corporation
today that it has drilled in a new oil well in Metcalfe County, Kentucky,
that came in flowing oil at a rate of nearly 500 barrel oil a day (BOD).
The Jackie Scott #1, Permit #101363, located about 10 miles east of
Edmonton, Kentucky, began flowing oil when drilling reached a depth of
1,662 feet in the Knox formation.
"Based on the initial flow of oil, we believe this well is capable of
producing up to 500 barrels of oil a day and may eventually settle down to
200 barrels a day," said Ricky Rogers, CEO, Rick-Rock Oil, Inc.
"The 200 to 500 barrels of oil a day may be a conservative estimate,"
said Anthony Young, Young Oil Corp., which owns an interest in the well and
will joint venture the development of the newly found oil field.
"We are just north of the Mellridge oil field that produced thousands
of barrels of oil years ago. We don't think this is an extension of that
field, but a brand new field with virgin reservoir pressure," Young added.
"It looks like we may have another Newberry field here," Young said.
The Newberry #11 came in flowing at a rate of 1,728 BOD in September 2004.
It was the eighth producing in the field, located in Overton County,
Tennessee, south of the new Metcalfe County well.
"We have an excellent lease position surrounding the Scott lease and
plan to work with Rick-Rod Oil to develop it immediately to capitalize on
these excellent oil prices," said Young.
Young said the two firms would start by drilling offset wells and step
out locations to this new flowing oil well in the very near future.
Rick-Rod Oil, Inc. is a privately owned oil and gas exploration with
operations in Kentucky.
Young Oil Corporation is a privately owned oil and gas exploration and
production firm, with operations in Kentucky and Tennessee. Young utilizes
its own drilling rig to drill all its wells. The Tennessee Oil & Gas
Association named Anthony Young Tennessee Oil Man of the Year in 1999 and
Tuesday, May 15, 2007
Posted by The 'C' Team at 6:36 AM