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 Hot Stock to Watch |
Company: Hinto Energy Inc. (OTCQB: HENI)
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Last:
Price: 0.64
Change (%): + 0.20 (45.45)
Volume: 13,000 |
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Hinto Energy, Inc. Announces Agreement to Drill Oil Well in Medina, Ohio
DENVER, CO-(Marketwired - Oct 15, 2014) - HINTO ENERGY, INC. (OTCQB: HENI), which is engaged in the exploration, acquisition, and development of oil and gas properties, with producing properties in Utah and Montana, today announced an agreement to take a 75% interest in an exploratory well to be drilled in Medina County, Ohio. Medina County is located on the Appalachian geosyncline which includes both the Berea sands and the Ohio shale stratigraphic levels.
“We continue to look at exploration and production opportunities that have the potential to produce reasonable results with minimal investment risk, and we believe this oil prospect in Medina County provides such an opportunity,” stated George Harris, the Chief Executive Officer of the Company.
“This area of Ohio has had a lengthy history of production with multiple producing zones at shallow depths, which is why we plan on initially drilling down into the Berea Sandstone, which has been a long term producer at 400 to 600 feet. We will use additional geological and geophysical analysis to evaluate deeper prospective targets in the Ohio shale, Clinton, Trenton and Trempealeau formations,” Harris continued.
Hinto will retain a 75% non-operated interest in this initial well and any future wells developed on this property. Hinto has also established a 36 square mile AMI (area of mutual interest) with the operator, which could provide for additional drilling opportunities. The Operator is planning to drill and complete the first well during the fourth quarter of 2014.
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