NEW YORK, NY -- (Marketwire) -- 09/07/12 -- 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.
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