This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Armada Oil, Inc. Announces Initial Results Of Gulf Coast Production Enhancement Program

Armada Oil, Inc. (the “Company”) (OTCBB: AOIL), an oil and gas exploration and production company, announced today that it has met and exceeded its earlier estimate of up to a 20% increase in production through a recently completed a series of workovers and stimulation efforts on three wells in the Lake Hermitage Field (100% working interest) located in Plaquemines Parish, Louisiana. These workovers are part of a low cost, aggressive production enhancement program announced May 9, 2013. The positive results to date include production increases from the Company’s LLDSB #2, LLDSB #3 and LLDSB #20 wells.

The LLDSB #2 well, which had not had continuous production since 2010, was successfully re-perforated and stimulated in the P1 Sand at approximately 9,600 feet. The well tested at a rate of 68 BOPD (barrels of oil per day) and 233 MCFD (thousands of cubic feet per day).

The LLDSB #3 was successfully re-perforated in the Upper UL-4 Sand at approximately 12,300 feet to increase flow. The well tested at a rate of 86 BOPD and 88 MCFD, a significant improvement over the prior rate.

The LLDSB #20, which had been off line since August 2012 due to flow line and water lifting issues, was successfully re-perforated in the UL-1 Sand at approximately 10,055 feet. On a 12/64ths choke, the well flowed at a rate of 12 BOPD and 541 MCFD at a stabilized flowing tubing pressure of 600 psi. The Company’s technical team believes that the increase in pressures as a result of this operation will alleviate the lifting issues and allow for consistent production from this well.

The production enhancement program is designed to provide the Company with increased cash flow at a low cost of capital and is being funded with internal cash flow.

“Each of these operations went as planned and we are quite pleased with the results. Based on this data, we expect an overall increase in production from these three wells of 20% to 25%, which should be reflected in our 3 rd quarter results,” said Randy M. Griffin, CEO of Armada Oil, Inc. “Planning is underway for the next round of well enhancements and we expect to announce the commencement of those activities very soon.”

In addition, shareholders and investors should note that an “E” was added to the Company’s ticker symbol in error on July 8 th because a regulatory agency incorrectly believed that a filing was not timely. In fact, the filing was not required and the “E” was immediately removed at the open of trading the following day. The Company has been and is current with all of its filing obligations.

About Armada Oil, Inc.

Armada Oil, Inc. (OTCBB: AOIL), headquartered in Dallas, Texas, is a growth-oriented oil and gas Exploration and Production (E&P) company with a focus on growing reserves and net asset value per share, primarily through the acquisition, development and enhancement of multiple onshore oil and natural gas producing properties as well as the development of highly diversified developmental drilling opportunities, both conventional and unconventional. The Company currently has producing oil properties in Plaquemines and Lafourche Parishes in Louisiana and in Young County, Texas. In addition, the Company has developmental properties in Garfield and Major Counties, OK and Wyoming County, NY and controls a strategic acreage position in southern Wyoming in the liquids-rich Niobrara Play.

1 of 2

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs