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Article: Coconino Oil & Gas Acquires Interest in Oil Property in Northeastern Utah
- Article from:
- PR Newswire
- Article date:
- October 2, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SALT LAKE CITY, Oct. 2 /PRNewswire/ -- Coconino S.M.A. Inc. (OTC Bulletin Board: CSMA) announced that its Coconino Oil & Gas (COG) subsidiary has purchased a 60% net production interest in an active oil well in northeastern Utah. This is the first acquisition by the newly formed subsidiary.
The well currently produces about l7 barrels of oil per day from reserves estimated to contain approximately 200,000 barrels of recoverable oil. The oil produced from this well commands a higher price than standard grade crude because of its high paraffin content.
Initial net revenue to COG is estimated at approximately $5,000 per month, and rework of the well ...