HENDERSONVILLE, Tenn., Feb. 17, 2017 /PRNewswire-iReach/ -- Hornet Corporation, an oil and gas exploration, development and production firm based here, has acquired nationally known oil and gas lease that once contained Tennessee largest oil well.
"We have acquired lease rights to the Wayne Brown property in Overton County," said G.A. Murrell, President Hornet Corporation. "It has been the subject of several network news reports."
The Brown #3, Permit #8822, was drilled to a total depth of 1557 feet in 1994 and produced more than 274,000 barrels of oil before it was plugged.
"One of the reasons we acquired the Brown lease is that the oil producing formations in this 240 plus acre lease are stacked, with one oil producing horizon stacked on top of another, just like in the Permian Basin," Murrell added.
The Brown, with an initial production of 260 barrels of oil a day, produced from the Sunnybrook and Stones River formations,
"The Brown #3 did not even penetrate Middle Ordovician Murfreesboro and Wells Creek formations, nor the lower Ordovician Knoxville Dolomite, which have been large producing formations in wells in the Miller Mountain Oil field, where this lease is located," Murrell noted.
"Nevertheless, in its lifetime, the Brown #3 produced in excess of $13 million dollars' worth of oil at today's price. That is significant oil production and we intend to continue to explore this lease for additional productive horizons."
"We are very excited to be able to continue the development of the lease that held the biggest oil well ever drilled in Tennessee. Our geologist has identified numerous drill sites on the lease with potential for oil production in more than one formation."
"Hornet has other producing oil wells in this area. We fully anticipate having more wells on pump in the near future. We have an aggressive drilling program for the Wayne Brown lease and other leases that we have acquired." Murrell said.
The Brown lease and the Miller Mountain Oil Field lay to the south of some of Hornet Corporation's recent oil discoveries, including the Donnie Ray #1 with cumulative production of over 40,000 barrels and the T.J. Hensley Unit #1 with over 10,000 barrels.
Murrell and Hornet Corporation earned national attention when Murrell received the 2014 Oil Boom Maker Award.
"With the acquisition of the Wayne Brown lease coupled with our planned aggressive drilling program, another "Boom Maker" award may be well within our reach," Murrell said.
Media Contact: William Goodwin, W.D.Goowin, Inc, 6159440832, firstname.lastname@example.org
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Hornet Corporation