Oklahoma City, Okla. – DonRay Petroleum, LLC, a privately held oil and gas company located in Oklahoma City, today announced the production results of the Grace 16, 18, 20 and 22 joint venture wells in Noble, County, Okla.
“The exploration method used is called developmental drilling and once you have a successful area of production established you can then come back and do infill drilling, where your odds of achieving production are significantly enhanced”, said Ray Corbitt Jr., president and JV manager of DonRay Petroleum, LLC.
Corbitt Jr. said that with infill drilling you have the benefit of knowing which formations were productive and or which ones produced the best in the area of development. For example, the Grace #5 which produced 45,000 barrels oil equivalent, and the Caiby #89 that produced 32,000 barrels oil equivalent.
“Based on that information, we drilled and put into production the Grace 16, 18, 20 and 22 wells, said Corbitt Jr. “These are producing approximately 30 barrels oil and 150,000 cubic feet of gas per day from the Hoover formation, which based on oil at $60 and gas at $3 per MCF, the annual rate of return is approximately 17%. We hoped for 30% to 40% the first year and then to settle to lower return-on-investment rates. We were successful in achieving production, but not at the rates expected.”
About DonRay Petroleum, LLC
DonRay Petroleum, LLC is a privately held company that engages in Joint Ventures with private investors for the purpose of oil and gas exploration, production, operating and return on investment.
DonRay Petroleum, LLC secures the services of professionals such as exploration companies, geologists, petroleum engineers, landmen, drilling, completion and production consultants, attorneys and accounting firms specializing in oil and gas. DonRay Petroleum, LLC was founded in 2004 in Oklahoma City by Ray Corbitt, Jr. and is a privately held company.
To learn more, go to http://donraypetroleum.com or call toll-free (866) 525-8202.
DonRay Petroleum, LLC
Attn: Ray Corbitt, Jr.
2525 NW. Expressway, Suite 640
Oklahoma City, OK 73112
Office Phone: 405-418-4348
Toll-Free Phone: 866-525-8202
Production and market prices may vary from month to month, therefore, DonRay Petroleum, LLC is not liable for production, future production or market prices. The press release for DonRay Petroleum, LLC is published for information purposes only. During the development of this press release, every effort has been made to provide only the most current, accurate and clearly expressed information possible. The data and information provided on our press release is for personal non-commercial usage. Neither the information or data presented on this site constitutes a solicitation or offer by DonRay Petroleum, LLC to buy or sell any products or services of any kind or to provide any investment advice or services. Additionally, DonRay Petroleum, LLC disclaims any responsibility for errors or typos and the accuracy of any information found on third party websites. DonRay Petroleum, LLC does not provide specific investment advice to any individual reviewing our website.
Company Name: DonRay Petroleum, LLC
Contact Person: Ray Corbitt, Jr.
Email: Send Email
Address:2525 NW. Expressway, Suite 640
City: Oklahoma City
Country: United States