After the markets closed Friday, Mammoth Energy reported that oil prices rose above $83 a barrel as concerns build regarding the weak dollar and the decline in crude inventories at a key Oklahoma terminal.
The company’s working interests are in gas wells in a field of about 1,045 acres. Mammoth intends to drill more wells on the acreage and could reach a total of 25 wells. Exisiting wells are currently cash flowing positive and a full accounting of the production and engineering of the wells is anticipated by the end of this month.
The CEO of Mammoth Energy Group, Joe V. Overcash, stated, “In my opinion, this is a prime example of why the United States should curb its dependency on foreign oil. There are plenty of domestic resources that can be tapped to provide necessary buildups of crude inventories.”
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