Sebastian River Holdings, Inc. and Drake Gold Resources, Inc. (DKGR) are pleased to announce that their Joint Venture in Venango County, PA for the rework of wells has yielded a positive report on oil production for the JV’s Master lease.

The JV’s Operator, Chris Repasky, has reported that four target wells on the lease were tested last week. Both companies’ stakeholders were thrilled with the results. According to Repasky, two of the four wells produced salt water (also known as drilling fluid disposal), which is a strong indicator for presence of oil and another had actually produced oil. The last well produced fresh water.

The JV will be testing additional wells toward a minimum of five target wells that can be identified to begin reworks. Other wells will be repaired toward additional production output and further details are forthcoming via website updates and/or press releases on what the team is confident will result in a profitable venture toward expansion, asset acquisition and continued growth.

Tags: Drake Gold Resources, Inc., Sebastian River Holdings