BOWLING GREEN, Ky., Nov. 15, 2018 /PRNewswire-PRWeb/ — Tier I Horizontal Berea oil wells in the productive oil window of Lawrence County have reportedly averaged in the range of ~100 – 150 BOPD over the initial 90 days of production where the well development costs are significantly lower, as compared to other plays across the US. Berea oil production from Lawrence County, Kentucky represented nearly 25% of the states total annual oil production in 2014. Per the Kentucky Oil and Gas Association, the Berea Oil play is a “Game Changer” for Kentucky’s oil and gas industry.
“Although no assurances can be made and risk still does exist, we firmly believe that ~30000+ barrels of oil equivalent (BOE) is a realistic first-year per well production target based on our recent results, third-party reports, technological improvements, and verified / unofficial volume reports of off-set production,” added Stengell.
“SEC Defined Accredited investors can deduct 100% of their investment against all forms of income for 2018,” said Joseph Hooper, Encore’s Executive Vice. “This one-of-a-kind tax benefit further mitigates the risk associated with oil and gas projects,” added Hooper.
Oil and gas investments involve a high degree of risk, uncertainty and are suitable for only SEC defined Accredited investors who can afford the loss of their entire investment.
Qualified SEC defined accredited investors can deduct 100% of their investment against all forms of income (for the current 2018 tax year) with years of potential income from oil production.