Turnkey updates Clear Creek well

Turnkey E&P Inc. provided an update on the wells drilled in the Clear Creek Field.

Turnkey recently completed drilling operations on three wells in its Clear Creek Field. Two wells, the P. Cox #1 and the P. Cox #2, are direct offsets to the discovery well, the W. Cox #1 which was put on production from the B-6 zone on October 29, 2007 and is currently flowing 125 barrels of oil per day and 425 thousand cubic feet of gas per day.

After extensive tests on the P. Cox #1 well, the B-3 and B zones produced at rates that were not commercial. The B-6 zone was not encountered in the wellbore. The A zone, which is the primary zone in the field, gas-lift tested 4% oil cut on a total fluid rate of approximately 500 barrels per day. Turnkey is evaluating the feasibility of commencing a waterflood pilot project in the A zone and converting this well into a water injection well, but in the meantime will place it on production.

The P. Cox #2 well encountered the A, B and C zones, but did not encounter the B-6 zone. The C zone flow tested 2-3% oil cut on a total fluid rate of about 450 barrels per day. The B zone flow tested 4% oil cut on a total fluid rate of approximately 400 barrels per day. Both the B and C zones will be put on production through the long string as the well has been dual-string completed. The A zone is expected to be tested next week after finalizing the installation of equipment for gas lifting.