The continued slide in oil prices to the $50/bbl range has accentuated the squeeze on the entire industry. In light of this dramatic change, we continue to review our current workover program in Georgia.
There has been considerable activity on many fronts since our last letter update to you. The Company is exclusively focused on its producing asset in Georgia where we expect to have preliminary results from the recompletions and workovers by the end of February.
Since the completion of our initial fracing operations in Georgia during Q2/2014, Iskander has been actively working in the field to optimize production rates and develop a much greater understanding of the opportunities and challenges associated with our assets in Georgia.
We have completed a total of 13 fracking stimulation treatments in three wells in Georgia, two wells which were recently drilled, along with one existing well. We have been testing all three wells and are optimizing the production on all three wells by running tubing and pumps. By the end of June, we expect to understand the production capabilities of those wells.
