Richardson, TX (PRWEB) December 29, 2011
Managed Petroleum Group Inc. a privately held oil and natural gas development firm located in Richardson, Texas is pleased to announce its participation in a commercial offshore oil and gas well. The Price B # 1 well located in Plaquemine Parish, Louisiana has been deemed commercial. This well has exceeded initial projections with above average initial production rates of more than 650 barrels of oil and 2,300 mcf of natural gas per day. The Price B # 1 is located approximately 6 miles northeast of Venice, Louisiana at a depth of 11,500 feet. As is customary with shallow offshore oil production in the wetlands of Louisiana, this well is receiving per barrel revenues based on Brent Crude oil prices which are currently above $ 109.00 per barrel. This single well is estimated to hold more than 300,000 barrels of oil and an extremely large amount of natural gas. The operator is in the final stages of purchasing the delivery pipeline from British Petroleum (BP) and Chevron as this will allow for a much larger daily production ability. Managed Petroleum Group Inc. anticipates this acquisition to be finalized in the first quarter of 2012.
Managed Petroleum Group inc. is a international oil and natural gas exploration firm located at 2140 Lake Park Blvd Suite 208 in Richardson, Texas 75080. As a licensed operator MPG targets some of the largest and most prolific oil, condensate and natural gas producing reservoirs in North America including the Barnett Shale, S-1 Sands, Upper Smackover, Yegua, and soon the renowned Spraberry formation. The majority of MPG’s production is classified as onshore oil (Primary Target) production, however, occasionally they do venture into offshore high risk , high reward ventures. A track record of consistent commitment to excellence, due diligence, experience, and integrity has allowed Managed Petroleum Group Inc. to quickly establish a demanding presence in Canada, Britain and the United States amongst industry partners, business leaders and private partners.
MPG Coquille Bay Project
Plaquemines Parish, Louisiana
Managed Petroleum Group Inc. is pleased to report that the MPG Coquille Bay Project located in Plaquemines Parish, Louisiana had an initial daily production rate of more than 650 barrels of oil and more than 2,300 million cubic feet of gas per day. The Price B # 1 well is estimated to hold more than 300,000 barrels of oil in reserves as well as an extremely large amount of natural gas. On a per well basis these reserves are significant and will make a small overall impact to MPG’s large oil portfolio. Though it is not typical for Managed Petroleum Group to participate in offshore production due to the extreme cost of production, permits, and pipeline delivery systems, this project has produced above average daily production and total recoverable reserve estimates. This project holds the opportunity for additional wells to be drilled as direct offsets with per well potential reserves ranging from 200,000 3,500,000 barrels of oil in reserves. Please be advised Managed Petroleum Group at this time has not elected to further offset this current production however they do intend to further evaluate this for possible future development. As is consistent with their business plan, Managed Petroleum Group intends to use net proceeds for further exploration projects with an emphasis on high daily production reservoirs. This business model has allowed exceptional financial growth opportunities for Managed Petroleum Group, institutional and private investors and industry partners as well. The driller and operator is actively pursuing the purchase of the pipeline used for product transportation from British Petroleum ( BP ) and Chevron. This acquisition will allow a greater daily production to market and a large decrease in transportation costs associated with production. This purchase is anticipated to take place in the first quarter of 2012 subject to the terms held privately in the purchase agreement. In addition this will require permits, inspections and the approval of the United States Coast Guard. Managed Petroleum Group does not anticipate these requirements to affect pipeline acquisition or their anticipated time line as outlined above.
MPG South Texas Project
Live Oak County, Texas
Managed Petroleum Group is proud to update all parties in relation to the MPG South Texas Project LP. This project is located approximately 5-10 miles west of Dinero, Texas. This is a four well package with three wells online and producing at a rate of approximately 200 barrels of oil and 440 mcf per day. The Carl #1 in Bee County was a shallow gas well with a total depth of 3,540 feet. With natural gas prices plummeting the Carl #1 has been deemed noncommercial and will be plugged and abandoned in accordance with state and federal regulations. This well was considered an exploratory well with the first three wells in the project already producing approximately 200 barrels of oil per day and large numbers of natural gas. These wells are expected to have a long life potential. This project has produced approximately 38,000 barrels of oil and more $ 3,000,000 in revenue. This project has offered Managed Petroleum Group, industry partners, institutional and private partners an average return potential of well above 4 % MONTHLY. This is cash on cash return and does not include any of the many tax allotments as protected by federal tax laws. Live Oak , County Texas is home to the famed Eagle Ford Shale. This area is in high demand amongst major oil and gas exploration firms including Managed Petroleum Group, Exxon, Shell and Encana. Managed Petroleum Group anticipates future projects and wells in South Texas in the near future. These projects, leases and acreage will first be evaluated by the MPG legal and geological staff prior to acceptance.
The reality is simple oil is not getting cheaper or easier to find. It will not magically just appear at the local gas station for the world to continue to consume at $ 1.50 per gallon. The hard truth is the days of cheap and easily accessible oil are gone. This energy epidemic is global and the most alarming fact is that it has become systemic. We must continue to locate oil and natural gas reserves that are substantial in order to compete with natural inherent growth. As an oil and gas producer this is an exciting and profitable time. I believe 2012 has the potential to be an amazing year for our industry.
Brian Anderson J.D.
Managed Petroleum Group Inc.
Lennox International Headquarters
2140 Lake Park Blvd Suite 208
Richardson, Texas 75080
Phone : 866-885-3221