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MDM Permian Inc. (OTC Pink: MDMP) announced the completion of plans to drill the Lindley #4-A well in Irion County, Texas. The well is permitted to a depth of 2000 ft, targeting the San Angelo Sands. Drilling will commence in late April with support from Tinsley Drilling Company and Hot Splash Mud Co. Notably, the location benefits from prior analysis by NuTech Energy, indicating high permeability and oil saturation, with potential for over 100,000 BO over its lifetime. Updates will follow as drilling progresses.
MDM Permian (OTC Pink: MDMP) has appointed Michael Cohen as Vice President of Finance. Cohen, who has consulted for the company for several years, brings over 30 years of investment banking experience, including involvement in numerous IPOs and secondary offerings. President Michael Rafael expressed confidence in Cohen's ability to enhance financial stability and growth. MDM Permian focuses on oil and natural gas wells, particularly in the Permian Basin, aiming to build value through reserves and production.
MDM Permian Inc. (OTC Pink: MDMP) has announced significant progress in its business strategy within the Permian Basin, highlighted by asset transfers to MDM Energy, Inc. Key developments include the execution of P-4 transfers for the Peacock gas well and Brown Lease, with potential production enhancements identified by NuTech Energy. Notably, the Brown Lease has two oil wells, with forecasts indicating initial production rates of 100 BOPD and a total potential of 220,000 barrels. Furthermore, negotiations are underway for a 320-acre lease in Jack County.
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.
MDM Permian Inc. (OTC Pink: MDMP) is expanding its portfolio by acquiring up to three additional wells, two in Nolan County and one in Wise County, Texas. The company has engaged MDM Energy, Inc. to operate the Brown and Peacock wells. The Brown #1 well is projected to yield an estimated ultimate recovery (EUR) of 220,000 BO, using slick water fracking techniques. MDM will receive a 10% carried working interest in both wells and a 70% net lease on undeveloped acreage. This expansion aims to enhance production capabilities in the profitable Permian and Ft. Worth Basins.
MDM Permian Inc. (OTC Pink: MDMP) has announced plans to acquire up to 8 additional wells in the Irion County area, enhancing its acreage in the Southern Midland Basin and Ft. Worth Basin as oil prices remain strong around $75 per barrel. The acquisition includes 6 wells on 3 leases with production from Canyon Sands, as well as a package of 2 wells, one from San Angelo sands and another disposal well. This strategic move is expected to bolster MDM's future drilling capacity and revenue streams significantly.
MDM Permian Inc. (OTC Pink: MDMP) reports a significant rebound in crude oil prices, breaking the $70 per barrel mark. Following last year's unprecedented lows due to the pandemic, experts anticipate prices could rise to $80 or even $100 as demand increases. MDM is strategically positioned to capitalize, focusing on vertical wells with low operating expenses below $10 per barrel. Active projects include new well completions and acquisitions in the Permian Basin, expected to drive revenue growth.