CHARLESTON, W. Va.--(BUSINESS WIRE)--Cunningham Energy LLC has announced that the Lions Paw 4-Well Pad has surpassed 100,000 barrels of oil sold along with over 91mmcf of wet gas from its shallow horizontal wells which target the Big Injun Sandstone formation.
“This production milestone is further proof that millions of barrels of recoverable oil are waiting for shallow horizontal drillers and producers in West Virginia. Our drilling and completion methods continue to evolve and have crossed into an area economically where these new methods make it possible for the oil industry to flourish at today’s lower prices and compete with other basins around the world. There is an entirely new discovery process taking place in West Virginia’s older oilfields and it centers around shallow horizontal drilling and completion adopted from the shale industry. Most people are not even aware that commercial quantities of oil are produced in West Virginia, but at one time it was a major driver of the early petroleum industry,” said Ryan Cunningham of Cunningham Energy.
The company sees its shallow horizontal wells increasing in terms of oil recovery efficiency as techniques are constantly improved upon. Cunningham Energy’s President goes on to say, “Since 2013 our company has been pioneering these new adaptations of developing existing reserves that were overlooked by earlier technologies. The shallow horizontal drilling movement has the potential to re-invigorate areas of the State that have not seen real oil development in decades.”
About Cunningham Energy LLC
Cunningham Energy is currently permitting and drilling multiple new horizontal targets in Clay, Kanawha, and Wood Counties, West Virginia for 2019-2020. These drilling initiatives target the Big Injun, Weir, and Berea Sandstones respectively.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "should," "up to," approximately," "likely," or "anticipates" or the negative thereof. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties.
We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the Matterhorn prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission ("SEC") and are available at the SEC's web site http://www.sec.gov. Cunningham Energy LLC disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.
