PNP Petroleum Provides Operational Update
SAN ANTONIO, TX. January 1, 2016. PNP Petroleum I L.P. (“PNP”) today provided the following update of its production and operations and reported that drilling and capital expenditures under its FY 2016 Capital Budget are on schedule.
PNP has pending projects in which the capital required is over $10 MM. Currently, PNP is in negotiations for completing the capital requirements for FY 2016 Capital Budget.
This field has been an active NEOR project for over four years. Nitrogen injection, which has been shut down due to injection well issues begin again in February 2013. Current production is only from one well (#8) and a program to change the producing capabilities of #8, #3, #6 and #9 are in process. PNP Petroleum is anticipating rates in excess of 20 bopd from this field. Current production is 10 bopd.
Chapman Abbott Field:
PNP Petroleum sold this property in 2012.
Pearsall Field Project
PNP Petroleum has completed the purchase of 23 wells on four leases covering 5000 acres of leases in Frio and Zavala Counties, Texas. There are 16 wells that are fully equipped and a central SWD facility. The field is currently shut in awaiting the pending sale. This field was sold in 2015.
Slick Field Project
PNP has acquired over 750 acres and has options on 600 more acres. There are 5 wells on these leases and testing is beginning in early 2017.
PNP Petroleum is currently completing engineering on a number of EOR candidate fields and projects. It is anticipated that one or more will be leased or purchased before the end of 2014.
Existing Property Purchases:
PNP Petroleum is in the process of acquiring a number of existing shut in wells, leases with existing wells and producing properties for the purposes of re-establishing oil and gas production through simple production methods.