Glen Rose Petroleum Corporation begins continuous development plan in Edwards County

Tue. October 07, 2008; Posted: 06:32 AM

Oct 07, 2008 (M2 EQUITYBITES via COMTEX) -- GLRP | Quote | Chart | News | PowerRating -- Glen Rose Petroleum Corporation (NasdaqCM:GLRP), a company focussed on the development of on-shore oil and gas assets, said on 6 October that it has drilled and cored three of the first ten wells to be permitted on the Wardlaw lease in Edwards County, Texas. The wells will be logged and completed in the next four weeks.

In addition, the company has commenced the permitting process for two injection programmes. The plan consists of one injector and 12 receiving wells (a total of an additional 26 wells), which are scheduled to be drilled in the fourth quarter of 2008 in partnership with WHL Energy.

WHL Energy Limited has funded USD1.5m in total under the Participation Agreement with Glen Rose Petroleum Corporation. WHL Energy Limited, pursuant to the agreement, will pay 100% of the drilling costs, up to USD2.5m, for a 50% working interest in the first 2,546 acres.

Additionally, Glen Rose Petroleum Corporation continues to focus on the core development area for its own account. The first phase of this, to re-enter and clean up 23 out of the existing 103 wells, is now complete.

The company also announced the receipt of its swabbing permits for 48 of the 103 existing wells. This swabbing operation has begun and is anticipated to produce an average of 2-4 barrels of oil per day (bopd), as well as contribute an additional 90 bopd in Glen Rose Petroleum Corporation's account.

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