From PR News Wire on Thursday:
MADISONVILLE, Ky.--(BUSINESS WIRE)--June 25, 2013--
Navitas Land and Mineral Corporation, an oil and gas production firm, today announced the completion of three of its seven wells drilled in less than three months, all located in Northwest Kentucky. After drilling the Otho Babb #2, a 7008 foot oil and gas well that revealed hydrocarbon presence in multiple zones (some from formations that have not been produced in the area before), Navitas went on to drill six more wells within 1500 yards of the Otho Babb #2, each permitted to 4000 feet.
"The production potential of each of these wells is extremely promising, " said company president and CEO Daniel Williams. "We shipped three tanks of oil from one of the wells, the Pruitt #4 in Webster County, long before it was completed and the pump jack was installed. Needless to say, we are very pleased."
Navitas has completed the following oil wells: the Higginson #1, the Pruitt #2, and the Pruitt #5. Pruitt wells #1, #3 and #4 are in the process of completion. The 7008 foot Otho Babb #2 well has been perforated and should be completed by the end of the week. All of the wells are in Webster County, among the top ten largest oil producing counties in the state of Kentucky.
Navitas Land and Mineral Corporation is an oil and gas exploration, development and production firm founded in 2009. The company draws on an internationally recognized team of geologists, engineers and executives with extensive oil and gas exploration and production experience, combined with corporate and financial expertise. Navitas acquires oil and gas assets of merit and develops them to their full potential, applying conventional drilling and enhancement methods as well as low-cost, non-conventional processes to dramatically improve oil and gas recovery. The company's recovery efforts are focused on the Illinois Basin, an area encompassing Southern Illinois, Southwestern Indiana, and Western Kentucky.