New well drilling at Blue Creek is expected to produce positive results

vlcsnap-2013-03-06-18h21m59s21Despite shares dropping last week, and disappointing oil drilling results so far, executives at New World Oil and Gas say they are confident, that the new well drilling at Blue Creek in North-West Belize will produce positive results. New World Oil and Gas has commenced drilling at the Rio Bravo #1 well at the West Gallon Jug Crest Prospect at its Blue Creek Project. Chief executive William Kelleher said that the prospect is estimated to hold probable reserves of 113 million barrels of oil a year, as well as probable reserves valued at $2.6 billion  on a 100% working interest basis. Drilling results will be released once a total depth of 8,800 feet has been reached. This is expected by the 1st of May.

About the Author