Ritchie Waterflood unit
News about Ritchie Waterflood unit - Last updated August 21, 2019
|Payment of returns from projects offered by Texas Shallow Oil.
In this message we will inform those who have projects with this operator about how the payment of dividends will go from the projects.
1. Dividends will run separately from other oil companies where we have the administration, this is because this operator has some subcontractors who require payment by a certain deadline as a result before 10th of each new month.
2. This means that when we have vouchers and deposit in our dividend account at the end of each month, we make the final vouchers like all investors to see through the project news pages of the individual projects.
3. A complete PDF file is created containing a summary of all the projects that are with this operator, so it is easy to find the project (s) with the participant and see if there is positive or negative operating result for the current production month, this will also appear in the upper-right corner of each settlement document we have made.
4. When the settlement documents are ready, these will be posted under project news on all the projects, then an email will be sent out to everyone that these are now ready, and so you have to log in and look through them, as soon as our mail is received. If there is an operating deficit for one month, you must follow the instructions on the individual settlement document, all positive dividends will be paid through us at the end of the current month, as these are paid simultaneously with the other oil companies, so everything made in a working process when paid
At this time first payout from this project is planned for the month of September.
Ritchie Waterflood Unit - First load of oil ready for sale
Good news from our operator, they have ordered the pick-up of our first load of crude oil to be sold from this project, the operator receives the money from the sale at the end of August, so the planned payment will be settled via the September payouts to the investor.
3 of 5 well still producing, still waiting on electrical company to come out and fix broken box, to get the other 2 online. At this point we got 95 BBL in the tank, things are looking good. more updates to come as we get them in...
Well no. 7 is now online, this is the 5th well out of 6...Getting close to a 100 % succes rate.. watch the video.
4th well is now online Ritchie#9 is flowing fluids..
Ritchie Waterflood project - Ritchie#17 well pumping oil with a 90 procent oil cut, almost no water, until now we 100 % succes rate with these wells, Great job to our TEAM out there.
Working on the 3 wells as we speak.
Changing out old tubing
Cleaning out well
New tested 7K tubing, and down hole pump
First well is being flow tested as we speak, the second well is having the tubing pulled and tested.
The project is currently undergoing the funding process of workover funds, at this point we have sold 22 % of the42 % NRI for sale.
The operator plans to start the workover of the wells early November 2018.
TEXAS SHALLOW OIL & GAS LLC
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