This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mondial Ventures, Inc. Announces Future Drilling Plans For New Wells On The J.B. Tubb Leasehold Estate In Ward County, Texas

SCOTTSDALE, Ariz., April 8, 2013 /PRNewswire/ -- Mondial Ventures, Inc. (OTCQB: MNVN) an emerging oil and gas exploration, production and development company with concentration in the Permian Basin West Texas, announced today future drilling plans for the first of at least three new well locations on the J.B. Tubb Leasehold Estate located in Ward County, Texas. Mondial Ventures, Inc. initially owns 37.5 percent of the working interest and a 28.125 percent net revenue interest.

The Company earlier announced plans to drill its first deep well are now being updated and expected to commence early this summer. Plans include first targeting the Ellenburger formation on the Company's J.B. Tubb Leasehold Estate at approximately 8,300' foot depth, with a CAPEX requirement now set at approximately $1.6 million.

These plans are included for proposed development of the Company's South 40 Participation Agreement with its working interest partners, and based on recommendations by independent Certified Geologist. As previously reported, Mondial plans to drill up to three more wells on the South 40 location via its option rights Participation Agreement. First objective is to drill the Ellenburger well on the South 40, and Geologically updip location. The Crawar Field that the J.B. Tubb Leasehold Estate has multiple producing horizons. According to Geologists, the Ellenburger formation sits along a fault plane increasing viability noted below 6,200' and viable at approximately 8,300' -8,400' feet. The second and third target well locations are in the Waddel formation to 7,700-7,900' foot depth, and for the Wolfcamp formation at approximately 6,200' foot depth, respectively with additional CAPEX requirement of approximately 2.6 million.

"Both prospect wells are supported by solid well control and are targeting a minimum of 40,000 to 50,000 barrels of oil equivalent (BOE) recoverable per well, net to our interest," said Jeru Morgan, the Company's Operator and Partner, and President of Success Oil Co., Inc. "Each well should have at least 3-5 potentially productive zones, substantially increasing the likelihood of achieving a commercially producing well."

Dennis Alexander, Mondials CEO stated, "We believe our business plan is fully consistent with our earlier announcements, and moving ahead we are focusing exclusively on financing and our drilling and development plans. Our goal is to build a dynamic portfolio of oil and natural gas programs that range from seismic-supported exploration projects, to drilling locations with proved reserves, to fully producing properties."

About Mondial Ventures Inc.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs