Chairman's Update - 2018 Summer Update
Swan Energy continued its excellent track record in the first half of 2018. Existing wells are producing, new wells are in the works, and exploration continues.
Swan Resources has interest in 55 Oklahoma oil wells. These wells have together generated 1,750,953 (gross) BOE to date with a steady daily production rate of 500 (gross) BOEPD. We continue to pursue new developments. 3 new wells in Love County completed in 2017 are now producing. We are completing a 4th well in September. Our technical team is also hard at work scouring the 3D seismic for our next drilling locations.
The 17 new wells we participated in 2017 are already generating revenue and outperforming other wells we have had in the Wattenberg field. Only 2 of our 144 Colorado wells did not produce. The 142 producing wells have yielded a cumulative production to date of 25,396,999 (gross) BOE at a daily rate of 15,611 (gross) BOEPD. Swan Exploration has 3 wells awaiting completion and several new wells to participate in to be drilled soon with permits in had or applied for we could see more than 40 new wells to participate in.
Located in Matagorda county, Texas Oak Energy has 5 active producing wells that produce 60 BOEPD, double the amount produced in the first quarter of 2018. We hope to continue to increase our BOEPD with a series of workovers for 25 shut in wells. The first three are scheduled to begin in September 2018.
Expectations are high for our 55-acre gold mine in Baker County, Oregon. Our projections lead us to believe the mine will yield the most gold in company history and give us a lot of hope as to continuing operations through 2019 and beyond.