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KOKO PETROLEUM (KKPT) - THIS STOCK IS UN-DISCOVERED
Current Price: .85
Expected growth: 2.95
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KOKO Petroleum, Inc. (KKPT) issued an update on its working interest
investment in two wells in the prolific Barnett Shale Play located in
Under the terms of the participation agreement with Rife Energy Operating,
Inc. (the program's operator), KOKO Petroleum has acquired a minority
working interests (approx. 10%) in the drilling and completion of two wells;
the Boyd 1 and the Inglish 2 both of which have been drilled but not yet
completed. The operator is in the process of setting casing on the Inglish 2
and the Boyd is awaiting a sufficient water supply to start the completion.
Due to the heavy influx of major operators in the area (Encana and XTO),
scheduling completions and any other types of oil field services has been
very difficult. Operators in the area have had to schedule well completions
three to four months in advance. This coupled with the fact that Northern
Texas has experienced a major drought causing serious shortfalls of local
water. Rife, as an alternative, has drilled a water well, which was the
source of drilling water for the Inglish 2 and Boyd 1. Rife has five wells
that have been drilled and are awaiting completions.
The Barnett Shale is the largest natural gas play in Texas. It is presently
producing 900 MMCF of gas per day and is considered one of the largest U.S.
domestic natural gas plays with sizable, remaining resource potential. The
first Barnett Shale wells were drilled and completed in the early 1980s by
Mitchell Energy of Houston, Texas. According to an in-depth 2004 sector
report on the Barnett Shale, developed by Morgan Stanley (MWD), the Barnett
Shale play is estimated to hold reserves in the non-core area that could be
as high as 150 BCF per 1,000 acres. The report estimated that because of the
amount of gas available in the area, successful wells in the Barnett Shale
should be economically viable in almost any gas price environment.
"The well logs are very encouraging, as were the wells they offset. Our
operator is very resourceful and we should have these wells completed by the
end of the year," says Ted Kozub, President of KOKO Petroleum, Inc.
On the Corsicana front, KOKO and its Partner have applied for the drilling
permits to commence the first 15 Nacatoch wells, casing is being delivered
to the site and drilling will commence upon receipt of the permits.