GIHI Subsidiary Strikes Oil on Its First Re-Worked Well
07 Septiembre 2012 - 10:00AM
Marketwired
Globalgroup Investment Holdings, Inc. (PINKSHEETS: GIHI) has
announced that their subsidiary Sovereign Oil Corp has completed
its first re-worked oil well in Kansas. The initial re-work located
on the South West corner of the lease was successful and oil flows
are strong with production expected to be 1-2 barrels of oil, per
day.
Oil companies began exploring Southern Kansas over a year ago,
seeing enormous potential in the area now that new technologies
like horizontal drilling and fracking have made it possible to tap
into the oil-rich Mississippian Limestone formation.
According to a recent study, the United States reduced net
imports of crude oil last year by 10%, or 1 million barrels a day.
The U.S. now imports 45% of its petroleum, down from 57% in 2008.
U.S. crude oil production increased by an estimated 120,000 barrels
a day last year over 2010, the report says. Current production,
about 5.6 million barrels a day, is the highest since 2003.
Other Energy Stocks Active In Kansas Are; SandRidge (NYSE: SD)
Heartland Oil and Gas (PINKSHEETS: HTOG) and MV Oil Trust (NYSE:
MVO)
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