Drake Gold Resources Inc provides benchmark update from Pennsylvania lease operator
Friday, Nov 16, 2012
Drake Gold Resources Inc. (OTC:DKGR), a natural resources company with a focus in oil and gas, announces today that its operator, Chris Repasky, has completed the installation of motors on select wells for pump evaluation. In initial tests it has been confirmed that oil is indeed present toward regular production flow and eventual revenues to the company.
“It is always a pleasure speaking with Chris”
As mentioned, Drake Gold Resources is entitled to a 50% working interest that will be reinvested into the development of the lease until a nominal benchmark is reached by the former lease owner, at which point the Company will be entitled to 100% working interest subject to a three year overriding interest payable to the former lease owner.
The next step moving forward is to connect the oil lines to begin pumping on the initial set of wells, and then the same process will be repeated for additional wells in the lease.
“It is always a pleasure speaking with Chris,” states DKGR CEO, Peter Matousek. The more updates I get from Chris, the more excited I become about the lease's potential. It has been an honor to be a part of a process, where the main near-term objective is to start generating revenues (on the existing lease) that will allow us to replicate this business model on other lease opportunities. Whether explored on our own, or a joint venture partnership, I believe that taking one step at at time, or as some like to say "organic growth," will bring revenue streams to the company.
Source: Business Wire
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