MDM Permian, Inc. - Permian Basin Updates
Rhea-AI Summary
MDM Permian (OTC Pink: MDMP) reported positive developments in its business strategy on August 10, 2021. The company has issued permits, assessed reserves, and posted second-quarter financials. A notable addition to the team is Christopher “Todd” Garner as Chief Financial Officer. The reserves assessment estimated up to 84 million barrels of recoverable oil, with potential additions from San Angelo sands. MDM has also received a permit to drill a new well on the Lindley A lease. The firm is finalizing its audit with M&K CPA’s and continues to pursue additional acquisitions in the Permian Basin.
AI-generated analysis. Not financial advice.
Positive
- Successful issuance of drilling permits for new wells.
- Estimation of up to 84 million barrels of recoverable oil, with further potential from San Angelo sands.
- Appointment of Christopher 'Todd' Garner as CFO, enhancing leadership with oil and gas expertise.
- Completion of second-quarter financials with positive growth indicators.
Negative
- None.
News Market Reaction – MDMP
On the day this news was published, MDMP declined 14.53%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Carrollton, Texas, Aug. 10, 2021 (GLOBE NEWSWIRE) -- MDM Permian Inc. (OTC Pink: MDMP) today has announced continued good news and advances in our overall business plan in the Permian Basin. Building value in the ground, with permits issued, reserves assessed, continuing audit services, and 2nd Quarter financials posted.
“We are very excited about the growth we are able to achieve during the second quarter of 2021 and look forward to continued growth in the 2nd half of the year.” Stated Mr. Michael Rafael, President and CEO. “I am also proud to announce the appointment of Christopher “Todd” Garner as our Chief Financial Officer. I believe with Todd’s oil and gas background; he will be a significant addition to the team.”
Financials
The second quarter financials have been posted to the OTC with the supplemental added for the reserves on the Oglesby 1-A well in Section 37, Irion County. The report details each zone as proven and/or probable. The analysis was done by Pinnacle Energy Services, Oklahoma City. Several more wells will be assessed and posted to subsequent quarterly filings.
Reserves
In 2019, Lee Kecik, a Petroleum Engineer with Ecco Petroleum, Inc. did a preliminary assessment of our 25 square mile area of interest. Lee’s report estimated that up to 84 million barrels of recoverable oil was still available for harvest. Lee recently updated that report by thoroughly assessing the San Angelo sands in the area. Lee’s report indicates that the San Angelo could add up to 19 million barrels of original oil in place per 640-acre section. ‘Assuming a
Permits
MDM Energy, Inc. has received the first permit to drill a 2000 ft San Angelo sands well on the Lindley A lease. The well is a direct offset to the Lindley A-3 well that had identified a rich San Angelo section at 1900 ft. A full AFE is being prepared by our geologist and engineering team.
Audit Services
MDM Permian, Inc. is in the final stages of our audit being performed by M&K CPA’s, Houston, Texas (performing both Tax and Audit services). They will be doing Federal tax returns for both MDM Permian, Inc. and MDM Energy, Inc. They are also performing an audit looking back 2 years that will allow for the company to move to QB. M&K is a PCAOB Registered Firm and can be found at www.mkacpas.com
Permian Acquisitions
MDM Permian, Inc. continues to pursue purchase of existing production and leases HBP (held by production) with stripper Canyon wells.
About MDM Permian, Inc.:
Based in Carrolton, Texas, MDM Permian, Inc. is a publicly traded energy company with interests in oil and natural gas wells, mineral prospects. The Company’s business plan includes building value through reserves and production in the Permian Basin of Texas. MDM Energy, Inc. (the wholly owned operating subsidiary of MDM Permian, Inc.), has been actively involved in the oil and gas industry since 1981 with offices located in Carrolton, Texas.
Michael Rafael has 40 years of experience in the oil and gas industry, serving as founder, President and Chief Executive Officer of MDM Energy, Inc.(“MDM”).
Mr. Rafael has been directly involved in the drilling, completion, and operation of over 300 oil and gas projects, primarily in the Illinois Basin, and directly supervises and oversees field operations. Mr. Rafael works directly with contract geologists, petroleum engineers and geophysicists from start to finish.
For more information about the company, please visit https://www.mdmenergy.com
Follow us on Twitter: https://twitter.com/mdmpermian
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
For additional information, view the company’s website at www.mdmpermian.com or contact MDM Permian, Inc. at (214) 651-9900
