DALLAS, TX / ACCESSWIRE / September 5, 2023 / Dallas-based oil and gas company, MDM Permian Inc (OTC PINK:MDMP) is pleased to announce the promising findings of geological and engineering reports for one of its recently acquired East Texas leases. These reports, verified by a petroleum engineer, provide compelling evidence of substantial oil and gas reserves within the Pettit formation.
Based on comprehensive geological assessments and data from nearby locations, MDM Permian anticipates a recoverable oil volume of up to 730,000 barrels. This volume lies in the Pettit formation of three locations situated on one of MDM Permian's recently acquired East Texas leases.
A nearby field, three miles to the NE, consisting of 26 wells, has already demonstrated impressive production figures. To date, it has yielded 1,325,280 barrels of oil and 7.5 billion cubic feet of natural gas. Similarly, another field 3 miles north, comprising 48 wells, has proved to be a prolific producer as well. It has delivered 305,104 barrels of oil and 27 billion cubic feet of natural gas. These figures underscore the significant hydrocarbon potential of the region.
These promising findings highlight the potential for substantial growth and development in the East Texas region where MDM Permian is acquiring and building its assets. The company looks forward to harnessing these resources to meet growing energy demands and build value for its shareholders.
About MDM Permian Inc
MDM Permian, Inc. is an emerging oil and gas exploration and production company committed to delivering sustainable energy solutions. With a focus on responsible resource extraction, operational excellence, and environmental stewardship, MDM Permian, Inc. aims to meet the growing energy demands while minimizing its ecological footprint. The company's diverse portfolio spans across multiple regions, driving economic growth and creating value for its stockholders and stakeholders.
For media inquiries, contact:
Rachel D. Green
V.P. Investor Relations
469-252-3603
rgreen@mdmpermian.com
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
SOURCE: MDM Permian, Inc.
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