Rio Bravo Oil, Inc. announces completion of first horizontal well
Thursday, Jan 17, 2013
HOUSTON, Jan. 16, 2013 /PRNewswire/ -- Rio Bravo Oil, Inc. (OTCBB: RIOB) ("Rio Bravo" or the "Company"), a domestic onshore oil company, announced today that it has completed drilling its first horizontal Edwards formation well, the DG Tiller #4H. The well demonstrated the presence of hydrocarbon during drilling and has the potential to produce approximately 150 barrels of oil per day and to cumulatively produce up to approximately 250,000 barrels of oil. The well is located within the Salt Flat Field, in Luling, Texas. Well completion will conclude this week, and the well will be placed on production. The company estimates that it will be able to determine the optimal production level of the well within 30 days.
The Company also equipped and put into production four inactive Austin Chalk wells. These wells are each producing several barrels of oil per day, and following a review period the Company will determine their stabilized production and expected cumulative production. Lastly, the Company is in the process of testing for additional reserves in the DG Tiller #3H. Following results from its current capital projects, Rio Bravo believes that it will be able to increase its stated reserve position.
Rio Bravo's CEO, Tom Bowman, commented, "We have taken the important first steps. Our first horizontal well was drilled in zone and has good contact with the upper Edwards formation. We remain focused on delivering shareholder value. Obtaining production from our recent efforts should strengthen the value of our overall reserve position.
About Rio Bravo Oil, Inc.
Headquartered in Houston, Texas, Rio Bravo Oil is a growth focused publicly traded exploration and production company with a strategic focus on development of proved undeveloped reservoirs, and the expansion of fields through unconventional methods and resource development. Rio Bravo is focused on developing conventional and unconventional oil fields onshore in the United States. Rio Bravo Oil's leasehold position in the Salt Flat and Luling Branyon fields has positioned us to expand through focused drilling in a productive environment. Additional information is available on the Company's website at http://www.riobravooil.com/.
SOURCE Rio Bravo Oil, Inc.
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