MDM Permian Inc (OTCMKTS: MDMP) recently announced continued advances and good news in its overall business agenda in the Permian Basin. Some of this good news was the asset transfers made to MDM Energy.
President and Chief Executive Officer Michael Rafael said they’ve received the signed P-4’s for the asset transfers of the gas well and Peacock oil in Wise County. The gas well known as the Peacock well, produces a bit of oil from its Conglomerate/Barnett Shale. Nutech will analyze the logs and find the best possible procedures for increasing production. The company also acquired an over 300-acre Brown Lease in Nolan County. This Brown Lease has two oil wells, which NuTech has already evaluated. The CEO continued to say they’ve identified at Strawn section that has been overlooked for quite some time now at 6314 deep. In the first Brown, the CEO said they’d designed a frac for the well based on many different computer simulations.
The most effective of them all is proving to be the slickwater frac and bidding for the job has started. NuTech’s simulations show about a one-hundred BOPD initial product rate. This is a potential production of over 200,000 barrels over the well’s lifespan. MDM Permian will benefit immediately from this well’s offset locations at a net W.I. of 75%. MDM Permian will also have a carried working interest of about an 1/8 in the first Brown.
The company is also in the process of negotiating a lease of a 320-acre property in Jack County, TX, that contains a producing gas well. This will with behind pipe potential will also be something the company’s engineering partner, NuTech Energy, will evaluate for future development plans.
Michael Rafael, MDM Energy’s Chief Executive Officer, President, and Founder, has more than forty years of experience in this industry. He’s been directly involved and a part of the operation, drilling, and completion of more than three hundred oil and gas operations, mainly in Illinois. He’s a CEO that directly oversees and supervises operations.