SAN ANTONIO, Texas, May 31, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Chief Executive, Richard Monroy, and the management team at Millennium Exploration Company, LLC announce the successful completion of the Lake Alaska #1 well. The vertical well flowed back approximately 147 barrels ("bbl") of sweet light crude oil per day upon initial tests. After 45 days the well is continuing to flow on its own and is now making an additional 409,000 cubic feet of natural gas ("mcf") which it will soon take to market. After just 45 days the Lake Alaska #1 Project has produced approximately 4,939 bbls.
Millennium Exploration, Chief Executive Richard Monroy stated, "We were pleased to see our efforts pay out with such a high volume well! The Lake Alaska was an enormously challenging project that summoned all of our skills and resources to complete!" At the start of the project, several risk factors needed to be evaluated, including oil saturations, reservoir properties and engineering aspects. First, we needed to de-risk as many of those factors as possible. Then with a better understanding of these reservoirs we believe we can manage the remaining risks on achieving commercial production not only on this first well, but also on the continued development of the field.
With the positive results of the first Lake Alaska #1 well, Millennium Exploration Company has a second location mapped and should be ready to drill in late 2014. Lake Alaska #2 will be located approximately one quarter mile away.
**The Lake Alaska #1 Project was featured in the June 2014 issue of Oil & Gas Investor Magazine.
For more information on Millennium Exploration Company visit our website http://www.millenniumexploration.com or email pr(at)millenniumexploration(dot)com
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2014/05/prweb11896861.htm
Millennium Exploration Company Public Relations (210) 579-0734