Oil Producers Checking Old Wells

Friday, March 21st 2008, 8:18 am
By: News On 6

SIGNAL HILL, Calif. (AP) -- With oil prices at $110 a barrel, producers nationwide are suddenly taking a second look at decades-old wells that were considered tapped out and unprofitable when oil sold for one-fifth the price or less.

Oklahoma Energy Resources Board chairman Steven Agee says that even if a well produces only five barrels a day, that's 150 barrels a month, which can be work $15,000 or more a month.

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