Savoy Energy Corporation (OTCBB: SNVP) recently announced that the company has successfully installed the Jack Shaft Reducer on its Rozella Kifer Well. The Jack Shaft Reducer is expected to both increase efficiency and decrease maintenance costs which will in turn extend the life of the well's production.
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The Rozella Kifer Well is located on almost 200 acres of land in Gonzales County, Texas. The oil reserves for the well are estimated at 19,730 Mbbl while the gas reserves are an estimated 3,090 MMcf. "With the Rozella Kifer already operating on electricity it is the perfect well to install and monitor the results of the Jack Shaft Reducer. I am pleased to see that the speed of the electric motor and the stress on the rods have both been reduced. This will have a direct effect on the operating costs for this well. We learned much during this installation that will enhance future installations of Jack Shaft Reducers. In keeping with our focus of protecting the environment through less emissions and keeping oil off the ground and in the tanks I look forward to continuing this phase of upgrades to be installed on our other existing and future wells," stated Art Bertagnolli, CEO of Savoy Energy Corporation.
Savoy Energy Corporation (OTCBB: SNVP) is an independent oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying abandoned oil and gas assets, which are then brought online through recompletion and work-over activities, a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its asset base and cash flow, while significantly reducing the cost of initial drilling, and takes away the risk of traditional exploration projects. Savoy Energy's financial structure allows it to minimize the high overhead of traditional E&P companies.
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