DEBARY, FL / ACCESSWIRE / March 16, 2015 / World Oil Group, Inc. (WOGI) is pleased to announce the Company has wired out the payment for the 10th well to be drilled and to begin fracking the first 5 of 10 oil wells. Xite Energy has currently scheduled fracking to begin April 15, 2015.
WOGI will closely monitor the market after it begins fracking to determine if we will continue fracking or stop fracking and use the in ground reserves as a holding tank to reduce above ground storage cost. WOGI previously held off from fracking to allow the market to stabilize but will move ahead to meet contractual obligations.
The geological reports and visible oil from drilling the first 9 wells has shown heavy oil saturation prior to the wells being fracked. WOGI is excited about what visible reports have shown in oil saturation and is looking forward to get started on the fracking. Once Oil production is online, Ergon is in place to start purchasing oil from WOGI's production.
WOGI will release an updated report on the fracking and flow rate of barrels per day (bpd) once it's been determined, calculated, and sold.
WOGI's CEO purely believes the Oil markets are entirely being directed by political reasons and not true markets conditions. The Oil demand continues to get stronger as population continues to grow and create more demands. The current overflow of Oil in the USA will be quickly absorbed and then the lack of current production will cause an even greater demand because companies have stopped drilling during this time period. Therefore, WOGI is optimistic in its strategic position in the Oil business and its markets.
About World Oil Group, Inc.
World Oil Group, Inc. (WOGI) is a petroleum company that has traditionally focused on Oil & Gas Exploration in the Pennsylvania markets by and through its wholly owned subsidiary EPA Petroleum, Inc. First Quarter, WOGI is scaling up operations in the MENA, Gulf and Central/South American regions in 2015, the company will keep its shareholders updated.
EPA Petroleum, Inc. "EPA" is a wholly owned subsidiary of World Oil Group, Inc. (WOGI). The Company is an independent producer of crude oil and natural gas. EPA Petroleum is actively involved in drilling activities within the Commonwealth of Pennsylvania using Xite Energy, Inc. as its subcontractor drilling partner.
World Oil Group, Inc. is now taking the path breaking challenge to lead the world on its "Sustainable Oil & Gas Field Model" implementing the concepts and related applications model in the Petroleum Industry. WOGI is always seeking new opportunities in the petroleum industry and will look to develop economic growth in the areas it works. As WOGI enters into a market, it will seek to help bring jobs within its foot print.