Kabe Exploration Inc. (OTC: KABX) reports the successful completion of a Mississippian Lime Oil development well in close proximity to Kabe’s proposed development acreage in Cowley County, Kan.
According to the release, the well was completed by another firm this month with reports showing that the well is exhibiting very good oil production in the initial phases.
Kabe has monitored this well since it is situated six miles to the west of a large acreage block it owns.
Last year, Nadel & Gussman completed two wells eight miles to the east of Kabe’s acreage. Nadel & Gussman’s wells in conjunction with the recent completion puts Kabe’s acreage holdings in the middle of the Cowley County Mississippian fairway, according to the release.
Initial production results of the major oil companies such as Range Resources, Spyglass and Sanridge Energy in the Mississippian Lime horizontally drilled wells demonstrate the potential for initial production rates greater than 500 barrels of oil per day equivalent. The estimated ultimate recovery potential is 300,000 to 400,000 barrels of oil equivalent per well. These wells are drilled and produced at relatively shallow drilling depths of approximately 4,000 feet with high oil quality of 35-38 degree American Petroleum Institute (API) gravity.
Based in San Diego, Kabe Exploration Inc. is an oil & gas exploration and development company that acquires mineral rights in shale plays for oil and gas production within the US.
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