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Mondial Ventures strikes oil and gas from untapped Glorieta formation in West Texas during workover

SCOTTSDALE -- Mondial Ventures has announce the first production results from the successful workover on the J B Tubb Leasehold, Crawar 2 well in West Texas.

As previously announced on August 28, 2012, the Company reported the funding had been secured to provide for perforating into the new untapped Glorieta Formation in the Crawar 2 well. The success of the workover resulted in 1,700 bopd and 8 Mcf of natural gas being produced during the month of September.

The Glorieta formation is a proven behind pipe oil and gas zone. The properties operator, Success Oil, estimates usual recoverable amounts of up to 75,000 bbl of oil and 100 MMcf of natural gas for this formation' s pay zone.

"Our initial results have been better than expected," stated Dennis Alexander, Mondial' s CEO, who continued, "We are looking forward to further implementing our planned projects on the heels of our excellent first results."

The initial results were from free flowing liquids. It is expected the company will put the well on pump to stabilize ongoing production levels and may frac the well in the near future to further increase production.

11/05/2012

 

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