Hornet Corporation, an oil and gas exploration, development and production firm based here, has recently drilled in two oil wells, in two different Tennessee counties, one with initial production (IPs) of 60 barrels of oil a day and one that flowed 300 barrels of oil after stimulation.
"We are obviously expanding our area of operations by developing existing leases and acquiring new leases", said G.A. Murrell, President, Hornet Corporation, explaining his company's success in both Overton and Fentress Counties.
The Brown #1, Permit #12894 is located in Overton County on Section 25, 1S-51. The new well, on the recently acquired Brown lease, is producing 60 barrels of oil a day from a depth of less than 2,000 feet from an Ordovician formation. The well blew out 40 barrels of oil during drilling.
"We acquired the Brown lease earlier this year because it is one of the best oil production leases in the state, with stacked oil producing formations, similar to the Permian Basin," Murrell added.
"One of the wells in the Brown lease was drilled to a total depth of 1557 feet in 1994 and made more than 274,000 barrels of oil, with a value in excess of $13 million in today's oil prices," Murrell continued, "and it did not even penetrate Middle Ordovician Murfreesboro and Wells Creek formations, nor the lower Knox Dolomite, which have been producing formations in this area."
This is a 240 plus acre lease and we have staked several additional locations that will allow us to test these additional formations and have every reason to believe many could be as good, or better, that our recently drilled Brown #1," Murrell concluded.
Murrell noted that while developing the Brown lease, Hornet has also been acquiring and drilling additional leases in the adjacent county to the north. Several of these leases have been productive. The Smith-Green Unit #1, Permit 12895, drilled in the Red Hill Oil field, near Wolf River, initially flowed 300 barrels of oil with 24-hours after an acid stimulation.
"We have delineated several other drilling prospects in our area of interest in Tennessee that have the same geological characteristics as the Smith-Green unit," Murrell said.
"While we are pleased with our success on Brown lease in Overton County and the Smith and Green leases in Fentress counties, we continue to increase our lease position so we can continue our successful drilling program," he added.
Murrell and Hornet Corporation earned national attention when Murrell received the 2014 Oil Boom Maker Award from the Tennessee Oil & Gas Association. "We believe with our recent drilling success and our chances for more big wells this year, we may be well on our way to earning another 'Boom Maker' award", Murrell predicted.