Oklahoma City, OK -- (ReleaseWire) -- 03/03/2014 -- DonRay Petroleum, LLC, a privately held oil and gas company located in Oklahoma City, today announced the completion of the DRP Grace #35 Joint Venture well in Noble, County Okla.
The DRP Grace #35 Joint Venture well began production in September 2012 at approximately 42 barrels of oil, 31,000 cubic feet of gas and 1,000 barrels of salt water per day.
As of the end of January 2014 the settled production was approximately 12 barrels of oil, 43,000 cubic feet of gas and 700 barrels of salt water per day. The cumulative production to date is approximately 8,873 barrels of oil and 20 million cubic feet of gas.
According to Ray Corbitt, Jr., the joint venture manager and president of DonRay Petroleum LLC, the Joint Venture well has generated a positive return on investment of production.
“We are pleased to this point because we’re seeing a positive ROI without calculating any of the tax benefits that are available,” said Corbitt. “Once those are calculated in this well it’s definitely a successful endeavor.”
About DonRay Petroleum, LLC
DonRay Petroleum, LLC is a privately held company that engages in Joint Ventures with private investors for the purpose of oil and gas exploration, production, operating and return on investment.
DonRay Petroleum, LLC secures the services of professionals such as exploration companies, geologists, petroleum engineers, landmen, drilling, completion and production consultants, attorneys and accounting firms specializing in oil and gas. DonRay Petroleum, LLC was founded in 2004 in Oklahoma City by Ray Corbitt, Jr. and is a privately held company. To learn more, go to http://donraypetroleum.com or call toll-free (866) 525-8202.
DonRay Petroleum, LLC
Attn: Ray Corbitt, Jr.
2525 NW. Expressway, Suite 640
Oklahoma City, OK 73112
Office Phone: 405-418-4348
Toll-Free Phone: 866-525-8202
Production and market prices may vary from month to month, therefore, DonRay Petroleum, LLC is not liable for production, future production or market prices. The press release for DonRay Petroleum, LLC is published for information purposes only. During the development of this press release, every effort has been made to provide only the most current, accurate and clearly expressed information possible. The data and information provided on our press release is for personal non-commercial usage. Neither the information or data presented on this site constitutes a solicitation or offer by DonRay Petroleum, LLC to buy or sell any products or services of any kind or to provide any investment advice or services. Additionally, DonRay Petroleum, LLC disclaims any responsibility for errors or typos and the accuracy of any information found on third party websites. DonRay Petroleum, LLC does not provide specific investment advice to any individual reviewing our website.