ALBANY, Ky., Nov. 19, 2014 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCQB:FCGD) (http://www.firstcolombiagold.com) announced today that the Company hit oil while drilling a new well and plans to bring the well into full production on one of their oil and gas leases located in Clinton County, Kentucky.
Earlier in the month the company performed what is known as a squeeze job on one their new drilling sites located in Clinton County, Kentucky. This process is used to shut off the water supply from a particular zone when the water is interfering with oil production. After allowing 2 weeks for the squeeze job to set up, crews were moved back on location on November 10, 2014 and reentered the well and drilled out the cement plug from the squeeze job. Upon inspection, crews discovered that the plug had successfully shut off 50% of the water. The crew then drilled down and discovered oil at 848 feet. On November 17, 2014 FCGD began the completion of the first drilling site. The company is currently evaluating the percentage of oil versus water being produced from the well and plans to run rods and place a pump jack and motor on the well. A tank battery will also be constructed to hold the accumulated oil production until the transportation of oil to the refinery is scheduled.
Jason Castenir, Chief Executive Officer of First Colombia Gold Corp, stated, "This news today is just added confirmation of the success our crews are having in the field and the continuous progress we are making in increasing our future revenue and earnings as we continue through the fourth quarter. This is great news for the shareholders and employees of First Colombia Gold Corp."
First Colombia Gold Corp. also announced that its crews have reworked two additional, existing wells and placed them back online and into production status. Mr. Castenir went on to say, "We have a very clear objective, we are working hard to increase our service contracts within the local market and to develop and increase our own oil production. I am really proud of our great team, our recent success in the oil fields is due in large part to the devotion and hard work of our crews which have yielded First Colombia Gold Corp. great results. It is our hope that these results will continue to increase revenue as well as share value for First Colombia Gold Corp."