Hydrocarb Energy Corporation says that its subsidiary, Galveston Bay Energy, reported daily production in its Galveston Bay fields has reached 508 barrels of oil equivalent daily production (BOED) as of August 5, 2015. This is a result of the company's extensive 2014 rework and recompletion program coupled with bringing back online previously shut-in production.
The company still has eight more wells to bring online including four newly recompleted wells, and four otherwise shut in wells. These wells will be brought into production over the next couple of weeks. Based on historical performance, bringing these additional eight wells online should result in notable additional production increases.
When asked to comment, Craig Alexander, Vice President of Operations, stated that, 'We are optimistic that our company goal of 550 to 650 BOED will be achieved or exceeded once the remaining wells we have are placed into production.'