Duma Energy Corp. reported that its Palacios No. 1 well has been successfully drilled to 6,830 feet, completed, and is now producing into the sales line. The well is currently producing an average of 275 Mcfpd (thousand cubic feet of gas per day) and 1 Bcpd (barrel of condensate per day) with 610 psig flowing tubing pressure.
"We are very pleased that reserves and cash flow will increase as a result from participating in the Palacios No. 1 well. The Tinney Sand is a well known producer throughout the area and should produce similar to other Tinney wells. Additionally, we have the future prospect of three possible oil sands, all of which are located on our leased acreage. We anticipate the Palacios lease to be a contributor to our corporate growth for years to come," noted Jeremy G. Driver, President and Chief Executive Officer of Duma Energy Corp.