Mondial Ventures, Inc. (OTCQB: MNVN) an emerging oil and gas exploration, production and development company with concentration in the Permian Basin West Texas, announced today future drilling plans for the first of at least three new well locations on the J.B. Tubb Leasehold Estate located in Ward County, Texas. Mondial Ventures, Inc. initially owns 37.5 percent of the working interest and a 28.125 percent net revenue interest.
The Company earlier announced plans to drill its first deep well are now being updated and expected to commence early this summer. Plans include first targeting the Ellenburger formation on the Company's J.B. Tubb Leasehold Estate at approximately 8,300' foot depth, with a CAPEX requirement now set at approximately $1.6 million.
These plans are included for proposed development of the Company's South 40 Participation Agreement with its working interest partners, and based on recommendations by independent Certified Geologist. As previously reported, Mondial plans to drill up to three more wells on the South 40 location via its option rights Participation Agreement. First objective is to drill the Ellenburger well on the South 40, and Geologically updip location. The Crawar Field that the J.B. Tubb Leasehold Estate has multiple producing horizons. According to Geologists, the Ellenburger formation sits along a fault plane increasing viability noted below 6,200' and viable at approximately 8,300' -8,400' feet. The second and third target well locations are in the Waddel formation to 7,700-7,900' foot depth, and for the Wolfcamp formation at approximately 6,200' foot depth, respectively with additional CAPEX requirement of approximately 2.6 million.
"Both prospect wells are supported by solid well control and are targeting a minimum of 40,000 to 50,000 barrels of oil equivalent (BOE) recoverable per well, net to our interest," said Jeru Morgan , the Company's Operator and Partner, and President of Success Oil Co., Inc. "Each well should have at least 3-5 potentially productive zones, substantially increasing the likelihood of achieving a commercially producing well."
Dennis Alexander , Mondials CEO stated, "We believe our business plan is fully consistent with our earlier announcements, and moving ahead we are focusing exclusively on financing and our drilling and development plans. Our goal is to build a dynamic portfolio of oil and natural gas programs that range from seismic-supported exploration projects, to drilling locations with proved reserves, to fully producing properties."
About Mondial Ventures Inc.
Mondial Ventures, Inc. is Oil and Gas Producer engaged in the acquisition of Oil and Gas properties and assets that can be developed into revenue producing assets. The Company has put an emphasis on acquiring existing Oil fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput. The Company's goal through their successful operators utilize the latest technologies and equipment with the goal to bring operating production costs down to 20% in an industry of that averages 35% and up, thus yielding higher margins.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Mondial Ventures Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Mondial Ventures Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Mondial Ventures Inc.'s filings with the Securities and Exchange Commission.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. Additional information may be found at the following web site:
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SOURCE Mondial Ventures, Inc.