HNR Acquisition Corp Announces Production Increases from Chemical Treatment Program
HNR Acquisition Corp (NYSE American:HNRA), an independent upstream energy company with properties in the Permian Basin of New Mexico, has announced successful oil production increases from a chemical stimulation treatment program initiated in late June 2024. The program, which started with a pilot of 24 producing wells, aims to restimulate wells that had not maintained previous production levels by removing scale build-up. Based on the pilot's success, HNRA plans to expand the treatment to approximately 100 wells in the first phase, with potential for further expansion across their 342 wells.
The chemical treatment, provided by Jacam Catalyst, uses nano-sized molecules to mobilize hydrocarbons and increase the efficiency of dissolving HCL (acid) soluble scales. Initial results show an additional production of 80-plus BOPD, with estimates of increasing oil production by 250 BOPD by the end of 2024. The company views this as a safer, better, faster, and more economical way to increase production across their assets.
HNR Acquisition Corp (NYSE American:HNRA), un'azienda indipendente nel settore energetico upstream con proprietà nel Permian Basin del New Mexico, ha annunciato un aumento della produzione di petrolio grazie a un programma di trattamento chimico avviato alla fine di giugno 2024. Il programma, che è partito con un progetto pilota di 24 pozzi produttivi, mira a ristimolare pozzi che non avevano mantenuto i livelli di produzione precedenti, rimuovendo l'accumulo di incrostazioni. Sulla base del successo del pilota, HNRA prevede di espandere il trattamento a circa 100 pozzi nella prima fase, con potenziale di ulteriore espansione sui loro 342 pozzi.
Il trattamento chimico, fornito da Jacam Catalyst, utilizza molecole di dimensioni nanometriche per mobilitare gli idrocarburi e aumentare l'efficienza nella dissoluzione delle incrostazioni solubili in HCL (acido). I risultati iniziali mostrano una produzione aggiuntiva di oltre 80 BOPD, con stime che prevedono un aumento della produzione di petrolio di 250 BOPD entro la fine del 2024. L'azienda considera questo un modo più sicuro, migliore, rapido ed economico per aumentare la produzione sui propri asset.
HNR Acquisition Corp (NYSE American:HNRA), una empresa independiente del sector energético upstream con propiedades en la Cuenca de Permian en Nuevo México, ha anunciado un aumento exitoso de la producción de petróleo a partir de un programa de tratamiento químico iniciado a finales de junio de 2024. El programa, que comenzó con un piloto de 24 pozos productores, tiene como objetivo reestimular pozos que no habían mantenido los niveles de producción anteriores mediante la eliminación de la acumulación de incrustaciones. Basado en el éxito del piloto, HNRA planea expandir el tratamiento a aproximadamente 100 pozos en la primera fase, con potencial para una mayor expansión en sus 342 pozos.
El tratamiento químico, proporcionado por Jacam Catalyst, utiliza moléculas de tamaño nanométrico para movilizar hidrocarburos y aumentar la eficiencia de disolución de las incrustaciones solubles en HCL (ácido). Los resultados iniciales muestran una producción adicional de más de 80 BOPD, con estimaciones que proyectan un aumento de la producción de petróleo de 250 BOPD para finales de 2024. La empresa ve esto como una manera más segura, mejor, rápida y económica para aumentar la producción en sus activos.
HNR 인수 주식회사 (NYSE American:HNRA)는 뉴멕시코의 퍼미안 분지에 부동산을 보유한 독립적인 업스트림 에너지 회사로, 2024년 6월 말에 시작된 화학 자극 처리 프로그램을 통해 석유 생산 증가에 성공했다고 발표했습니다. 이 프로그램은 24개의 생산용 우물을 대상으로 한 파일럿으로 시작되었으며, 우물의 재자극을 목표로 하고 있습니다. 해당 우물들은 이전 생산 수준을 유지하지 못했던 우물이었으며, 스케일 축적을 제거하는 방법으로 접근하고 있습니다. 파일럿의 성공을 바탕으로 HNRA는 첫 번째 단계에서 약 100개의 우물로 치료를 확대할 계획이며, 342개의 우물에 걸쳐 추가 확장 가능성이 있습니다.
Jacam Catalyst가 제공하는 화학 처리 방식은 나노 크기 분자를 사용하여 탄화수소를 이동시키고 HCL(산) 용해 가능한 스케일을 용해하는 효율성을 높입니다. 초기 결과는 80 BOPD 이상의 추가 생산을 보여주며, 2024년 말까지 250 BOPD의 생산 증가를 예상하고 있습니다. 이 회사는 이를 자산의 생산 증가를 위해 더 안전하고, 더 좋고, 더 빠르며, 경제적인 방법으로 보고 있습니다.
HNR Acquisition Corp (NYSE American:HNRA), une société indépendante dans le secteur énergétique upstream avec des propriétés dans le bassin permien du Nouveau-Mexique, a annoncé des augmentations de production de pétrole réussies grâce à un programme de traitement chimique lancé fin juin 2024. Le programme, qui a commencé par un projet pilote de 24 puits productifs, vise à restimuler des puits qui n'avaient pas maintenu les niveaux de production antérieurs en éliminant les dépôts. En fonction du succès du pilote, HNRA prévoit d'étendre le traitement à environ 100 puits lors de la première phase, avec un potentiel d'extension supplémentaire sur leurs 342 puits.
Le traitement chimique, fourni par Jacam Catalyst, utilise des molécules de taille nanométrique pour mobiliser les hydrocarbures et augmenter l'efficacité de la dissolution des dépôts solubles dans l'HCL (acide). Les résultats initiaux montrent une production supplémentaire de plus de 80 BOPD, avec des estimations d'augmentation de la production de pétrole de 250 BOPD d'ici la fin 2024. L'entreprise considère cela comme un moyen plus sûr, mieux, plus rapide et plus économique d'augmenter la production sur ses actifs.
HNR Acquisition Corp (NYSE American:HNRA), ein unabhängiges Unternehmen im Bereich der upstream-Energie mit Immobilien im Permian Basin in New Mexico, hat erfolgreiche Ölproduktionssteigerungen durch ein chemisches Stimulationsbehandlungsprogramm angekündigt, das Ende Juni 2024 begonnen wurde. Das Programm, das mit einem Pilotprojekt von 24 produzierenden Brunnen begann, zielt darauf ab, Brunnen zu re-stimulieren, die vorherige Produktionsniveaus nicht gehalten haben, indem Ablagerungen entfernt werden. Basierend auf dem Erfolg des Piloten plant HNRA, die Behandlung in der ersten Phase auf etwa 100 Brunnen auszuweiten, mit dem Potenzial für eine weitere Ausweitung auf ihre insgesamt 342 Brunnen.
Die chemische Behandlung, die von Jacam Catalyst bereitgestellt wird, verwendet nanoskalige Moleküle, um Kohlenwasserstoffe zu mobilisieren und die Effizienz bei der Auflösung von HCL (Säure) löslichen Ablagerungen zu erhöhen. Erste Ergebnisse zeigen eine zusätzliche Produktion von über 80 BOPD, mit Schätzungen, die ein Ansteigen der Ölproduktion um 250 BOPD bis Ende 2024 prognostizieren. Das Unternehmen betrachtet dies als eine sicherere, bessere, schnellere und wirtschaftlichere Methode zur Produktionssteigerung in seinen Vermögenswerten.
- Chemical stimulation treatment program increased oil production by 80+ BOPD in pilot phase
- Company estimates 250 BOPD increase from the program by end of 2024
- Treatment is relatively inexpensive and results last for approximately six months
- Program to be expanded to 100 wells in the first phase, with potential for further expansion across 342 wells
- Treatment results are temporary, requiring retreatment or other stimulation after about six months
Insights
The chemical stimulation program implemented by HNR Acquisition Corp shows promising initial results. The reported increase of 80+ BOPD from just 24 wells in the pilot program is significant. Projecting a
The use of nano-sized molecules in the chemical blend is an innovative approach that could provide a competitive edge. The treatment's ability to address multiple issues - dissolving scales, removing silts and inhibiting re-clogging - is particularly noteworthy. However, the 6-month effectiveness period means ongoing costs for retreatment, which should be factored into long-term production estimates.
While specific financial figures are not provided, the production increase is potentially significant for HNRA's bottom line. Assuming an average oil price of
However, investors should consider the costs associated with the treatment program and the need for retreatment every six months. The company's ability to scale this program efficiently across its 342 producing wells will be important for maximizing returns. The relatively low cost and quick implementation of the treatment could lead to improved cash flow in the near term, potentially enhancing HNRA's financial position.
HOUSTON, TX / ACCESSWIRE / August 21, 2024 / HNR Acquisition Corp (NYSE American:HNRA) (the "Company" or "HNRA") is an independent upstream energy company with productive oil and gas properties in the Permian Basin of New Mexico. Today, the Company announces successful oil production increases from a chemical stimulation treatment program started in late June 2024.
What is the program: A chemical stimulation treatment restimulates producing wells that had not maintained previously achieved productions levels by removing scale build-up that restricts the flow of oil. The Company started the program in late June 2024 with a pilot program of chemically treating 24 producing wells. Upon confirming the viability of this proven methodology, the Company will expand and commence chemically treating approximately 100 less than optimal producing wells as a first phase. Then the Company will assess the balance of the 342 wells.
What is the chemical treatment: Chemical stimulation is a process that increases oil production by increasing hydrocarbon flow from the reservoir into the well bore. The process for each batch of 3 to 6 wells first injects the wells with a paraffin solvent / dispersant, and then the two days later treats the well with an acid solution. The chemical stimulation being used is an innovative process introduced to the Company by our chemical supplier, Jacam Catalyst. The treatment is with a chemical blend with nano sized molecules that mobilizes hydrocarbons to increase the efficiencies of dissolving HCL (acid) soluble scales. The acid portion of this blend contains state-of-the-art corrosion inhibitors, and increased iron control capabilities to mitigate re-clogging of the oil well during the natural course of production. The chemical treatment also removes fine silts and scales, inhibits them from reappearing and increases the flow of oil.
What are the results to date: The initial results of the pilot program have been successful and very encouraging with an additional production of 80-plus BOPD. The Company is starting the first phase of the program for 100 producing wells. Based on the initial response of the 24 wells in the pilot program, we estimate the chemical treatment program to increase oil production by 250 BOPD from the chemical stimulation treatment program by the end of 2024.
"This program has resulted in a significant increase in production from these pilot wells," said Dante Caravaggio, President and CEO. Mr. Caravaggio continued with "The team, led by Jesse Allen, VP of Operations, and David O'Brian, Field Superintendent, will be expanding our chemical stimulation program to the next 100 wells we have already identified. We believe the unique combination and application of chemicals proposed by our chemical vendor for HNRA's specific needs and requirements, Jacam Catalyst, has given us a safer, better, faster, and more economical way to increase production across our 342 producers."
"These chemical and acid treatments are proving worthwhile. They are ideal for the less than optimum producing wells," said Jesse Allen, the Vice President of Operations. "The cost is relatively inexpensive, and results will last for approximately six months before retreatment or other stimulation is required. I am encouraged by the initial results" he continued.
About the Oil Field Property
In November 2023, the Company acquired LH Operating, LLC ("LHO") including its oil and gas waterflood production holdings in New Mexico comprising 13,700 contiguous leasehold acres, 342 producing wells and 207 injection wells situated on 20 federal and 3 state leases in the Grayburg-Jackson Oil Field. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico.
Leasehold rights of LHO, a wholly owned subsidiary of the Company, include the Seven Rivers, Queen, Grayburg and San Andres intervals that range from as shallow as 1,500 feet to 4,000 feet in depth. The December 2023 reserve report from our third-party engineer, William H. Cobb and Associates, Inc. ("Cobb"), reflects LHO to have proven reserves of approximately 15.4 million barrels of oil and 3.5 billion cubic feet of natural gas. The mapped original-oil-in-place ("OOIP") in the LHO leasehold is approximately 876 million barrels of oil in the Grayburg and San Andres intervals and 80 million barrels in the Seven Rivers interval for a total OOIP of approximately 956,000,000 barrels of oil.
Our primary production is currently from the Seven Rivers zone. In addition to proven reserves, the Company believes we may access an additional 34 million barrels of oil by adding perforations in the Grayburg and San Andres formations. With proven oil reserves of over 15 million barrels, combined with the potential 34 million additional barrels from the Grayburg and San Andres zones, LHO should produce oil and a revenue stream for more than two decades with a slow decline rate.
About HNR Acquisition Corp
HNRA is an independent upstream energy company focused on maximizing total returns to its shareholders through the development of onshore oil and natural gas properties in the United States. HNRA's long-term goal is to maximize total shareholder value from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development, production enhancement, and other exploitation efforts on its oil and natural gas properties.
HNRA's Class A Common Stock trades on the NYSE American (NYSE American: HNRA) and our public warrants trade on the NYSE American (NYSE American: HNRAW). For more information on HNRA, please visit the Company's website: https://www.hnra-nyse.com/
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks," "may," "might," "plan," "possible," "should" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect the Company's management's current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Important factors - including the availability of funds, the results of financing efforts and the risks relating to our business - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on EDGAR (see www.edgar-online.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations
Michael J. Porter, President
PORTER, LEVAY & ROSE, INC.
mike@plrinvest.com
SOURCE: HNR Acquisition Corp
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FAQ
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