[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]
Microcap Observer Newsletter
Microcap Observer Newsletter
Thu, 29 Dec 2005 04:36:09 -0800
KOKO PETROLEUM (KKPT) - UP $1.07 in last 5 days
Current Price: 1.60
Up .32 cents yesterday alone (Dec 27th)
Up Another .10 cents Today (Dec 28th)
Symbol - KKPT
Watch out the sto ck go crazy tomorrow morning
KOKO Petroleum, Inc. (KKPT) issued an update on its working interest
investment in two wells in the prolific Barnett Shale Play located in
Under the terms of the participation agreement with Rife Energy Operating,
Inc. (the program's operator), KOKO Petroleum has acquired a minority
working interests (approx. 10%) in the drilling and completion of two wells;
the Boyd #1 and the Inglish #2 both of which have been drilled but not yet
completed. The operator is in the process of setting casing on the Inglish 2
and the Boyd is awaiting a sufficient water supply to start the completion.
Due to the heavy influx of major operators in the area (Encana and XTO),
scheduling completions and any other types of oil field services has been
very difficult. Operators in the area have had to schedule well completions
three to four months in advance. This coupled with the fact that Northern
Texas has experienced a major drought causing serious shortfalls of local
water. Rife, as an alternative, has drilled a water well, which was the
source of drilling water for the Inglish 2 and Boyd 1. Rife has five wells
that have been drilled and are awaiting completions.
The Barnett Shale is the largest natural gas play in Texas. It is presently
producing 900 MMCF of gas per day and is considered one of the largest U.S.
domestic natural gas plays with sizable, remaining resource potential. The
first Barnett Shale wells were drilled and completed in the early 1980s by
Mitchell Energy of Houston, Texas. According to an in-depth 2004 sector
report on the Barnett Shale, developed by Morgan Stanley (MWD), the Barnett
Shale play is estimated to hold reserves in the non-core area that could be
as high as 150 BCF per 1,000 acres. The report estimated that because of the
amount of gas available in the area, successful wells in the Barnett Shale
should be economically viable in almost any gas price environment.
"The well logs are very encouraging, as were the wells they offset. Our
operator is very resourceful and we should have these wells completed by the
end of the year," says Ted Kozub, President of KOKO Petroleum, Inc.
On the Corsicana front, KOKO and its Partner have applied for the drilling
permits to commence the first 15 Nacatoch wells, casing is being delivered
to the site and drilling will commence upon receipt of the permits.
LAS VEGAS--(BUSINESS WIRE)--Oct. 20, 2005--KOKO Petroleum Inc. (PINK
SHEETS:KKPT - News) announced today that is has funded the first phase of the
Redevelopment Program for its Corsicana Project with JMT Resources, Ltd. Fort
Worth, Texas. KOKO will participate in the Development of JMT's Corsicana
Field, which will implement Enhanced Oil Recovery (EOR) technologies on its
4,000 acre leasehold located in Corsicana, Texas.
KOKO has acquired a 10% working interest in the Inglish #2 well. The well has
commenced drilling and is presently at 6000 feet at a total cost of 1.4 million
dollars. The terms are similar to the first Barnett Shale well, Boyd #1.
|[Prev in Thread]
||[Next in Thread]|
- Microcap Observer Newsletter,