December 16, 2009 (FinancialWire) TN-K Energy Group Inc. (OTC: TNKY) said it has completed drilling on Well #80 and Well #104 on the JR and Pansy Clark lease in Green County, Kentucky.
Ken Page, CEO of TN-K Energy, stated, We are very pleased to announce that after initial testing of these wells, we have improved our production by approximately 50 barrels per day which brings our total production on the JR and Pansy Clark lease to approximately 150 barrels per day on the testing dates. Our 32% portion of the cost for drilling and completion on these two new locations was approximately $6,500 per location. With the average price of crude oil at $70.00 per barrel, we believe our 27.5% revenue interest of this production of approximately 150 barrels per day represents a good source of continuing income for our company.
TN-K Energy further announced that drilling operations on the third location of this eight location acquisition announced earlier in the month have commenced, and it is in the process of beginning drilling operations on a fourth location. Page further stated, I am very happy with our progress in the last few months of operations. It is our intent to continue with this vigorous pace to improve our position in the energy sector as we continue our efforts to acquire additional leases.
TN-K Energy Group Inc. is an independent energy company with operations in Tennessee and Kentucky.
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