Relative to the Joint Venture Project Mckenzie Draw Seisma is now able to announce that a Patterson UTI Rig is currently on the McKenzie Draw #1 location. Seisma'ss partner Enermax of Hurst, TX is currently securing funding for the remaining unsold interest and Bret Boteler, President of EnerMax has assured Seisma that Enermax anticipates announcing the actual spud date within the next 6-8 weeks. Mr. Boteler has also stated that their observations of the recent market prices will have oil stabilized in the neighborhood of $70 per barrel which is good news for all involved.
Further, EnerMax'ss geologist'ss analysis which relies upon data collected through their Proprietary filtering process of the area beneath the drill site has been successful in
identifying the Devonian formation. The nearest analogue field, just two miles to the north of the Mckenzie draw drill site, has produced in excess of 26 million barrels of oil to date.
They have also determined that there will be dependable sub surface well control.
Subsequent analysis has shown a potential for San Andres and Wolfcamp production which may allow for two to three potential offset locations, of which current partners will have first
right of refusal.
Mckenzie draw is a large acreage position with well over 2,300 acres that could be further developed in the future. Historically Yoakum County, which is the home of Mckenzie Draw #1, is
the third top producing county in Texas; a fact that cannot be denied and continues to offer great promise.
:: About Patterson UTI Drilling, LLC
Patterson-UTI Drilling Company (http://patdrilling.com/about-us) provides approximately 350 currently marketable land-based drilling rigs
that operate primarily in oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, South
Dakota, Pennsylvania, West Virginia, and Western Canada. They serve major and independent oil and gas companies to provide a comprehensive drilling solution that includes technically
advanced, field-proven equipment integrated into systems that increase drilling efficiency, provide a Safety Culture 24/7 while enhancing Health and Environmental concerns, making the
Patterson-UTI Drilling Company the perfect choice for anyone'ss drilling needs.
:: About EnerMax
EnerMax (http://www.enermaxinc.com/) is a Texas-based oil and gas exploration company that has reached the major milestone, the 1 million barrel
mark in barrels of oil (BO) and barrels of oil equivalent (BOE) produced. Using advanced recovery techniques and effective resource management, EnerMax has increased the performance of
its holdings to 1,100 BOE in daily production, with cumulative production now approximately 1,055,000 BOE.
The rapidly growing company, which marked its 8 year anniversary in April of 2009, expects production to rise by 200% over the next 12 months. The supply squeeze we'sre seeing in the
market right now is a surprise to many people, but we'sve been increasing our investments in new oil projects in terms of acreage, seismic acquisition and prospect generation over the
past several years. We'sre ready, said Bret Boteler, founder and president of EnerMax. Many companies are just beginning to react to market signals. They'sre running to catch up and get
in the game. We'sve already laid the groundwork to rapidly grow our company without compromising the quality of our performance.