North American Petroleum (ISDX:NAPP) has announced initial production rates for two new wells drilled in the Mississippi Lime formation, in Oklahoma.
The newly established junior oil firm has a 1.25% stake in the Wolf 1H-25 well, which produced at a rate of 195 barrels of oil per day, and it has a 0.055% interest in the McClure 36-2H well, which yields 90 barrel per day.
The company’s interests in the two wells equate to 2.9 barrels of oil production per day.
"From a standing start at the time of our IPO in March 2013, we now hold leases totalling 416 net mineral acres and have interests in seven producing wells in the proven Mississippi Lime formation, Oklahoma,” managing director Stefan Olivier said.
“We intend to build on the momentum behind the company and are actively evaluating opportunities to acquire additional leases and participate in the drilling of new wells in proven US onshore formations, as we look to generate shareholder value by growing net production and proving up reserves."