BDLLC announced the purchase of the Dilworth Field on
It has been estimated that the Dilworth Field has produced more than 70 million barrels of oil since the discovery well was completed in 1911. The secondary recovery project that BDLLC will pursue under its contemplated development program is estimated to have a production potential of several million barrels of oil field-wide.
The investors in BDLLC, who put up
----------
*The Company will actually own a 10% interest BPO by virtue of its
Under the contemplated development program, BDLLC intends to drill four additional production wells and three additional disposal wells in order to complete the secondary recovery phase of the project.
If, as anticipated, BDLLC achieves or exceeds its targeted injection and recovery rates, it estimates that the
"As we stated when we announced the original purchase, both
About The Beard Company
The Beard Company creates, acquires, and/or invests in businesses that management believes have high growth and/or above-average profit potential and can enhance shareholder value. The Company will from now on be involved in oil and gas activities; coal reclamation activities; and minerals exploration and development through its Geohedral investment.
The Company is headquartered in
Forward-Looking Statements
This document may include statements that constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", "anticipate", or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability to negotiate and execute contracts in connection with the Company's coal reclamation activities; future trends in commodities prices; financial, geological or mechanical difficulties affecting Beard Dilworth's or Geohedral's planned geological work programs; uncertainties surrounding estimates of mineralized material; and other risks associated with the Company's business. By making these forward-looking statements, Beard undertakes no obligation to update these statements for revisions or changes in the future.
For Additional Information, Please Contact: Herb Mee, Jr., President, at (405) 842-2333 or via email at hmee@beardco.com or RJ Falkner & Company, Inc., Investor Relations Counsel, at (800) 377-9893 or via email at info@rjfalkner.com
SOURCE The Beard Company