Electra, Aug. 08, 2024 (GLOBE NEWSWIRE) — New Asia Holdings Inc./Olenox Corp. (“NAHD” or the Company) (OTCQB: NAHD), announces Olenox’s wholly-owned subsidiary, Olenox Kansas has been selected to operate 181 natural gas wells in the Bradshaw portion of the Giant Hugoton Field. Discovered in 1926, The Hugoton Complex has produced over 26 trillion cubic feet of gas since its discovery in 1926 and is the largest natural gas field in North America. The operations will be conducted on 61,945 acres that extend nearly 80 miles through Greeley and Hamilton Counties in Kansas.
“We are honored to be able to work within such a historical Field,” says Olenox CEO Michael McLaren. “We have completed the necessary agreements with the Kansas Corporation Commission and have begun our field operations at the start of this month”.
The company will introduce modern pumping and monitoring technologies to increase field efficiencies, reduce costs, and better protect the environment during the operation of these stripper wells.
About Olenox Corp..
Olenox Corp. is a diversified energy company based in the state of Texas that currently operates three vertically integrated business units – Oil and Gas, Energy Services, and Energy Technologies.
- Oil and Gas: focuses on acquiring and optimizing underdeveloped oil and gas assets in Texas, Kansas, and Oklahoma. It employs both internally developed and third-party-licensed technologies to increase production, optimize performance and reduce costs. Olenox currently operates 16 leases on approximately 2,000 acres with 125 wells on lease to reactivate. Since acquiring the leases in July 2022, Olenox’s Oil and Gas division has intermittently increased production from an average of 7 barrels/day to over 40 barrels per day. After reviewing well control data in the area, Olenox believes that there is more recoverable oil available on these leases.
- Energy Services: This business unit supports Olenox’s overall exploration and production efforts with “well services” and “end-of-life reclamation.” Olenox Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This specialized equipment allows for faster “rig in” and “rig out” times. Overall, Olenox Energy Services’ equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
- Energy Technologies: This business provides both R&D and existing technology to enable increased production in the field. Olenox’s flagship intellectual property is its downhole-enhanced recovery plasma pulse tooling and ultrasonic cleaning tools.
Each of Olenox’s three vertically integrated business units operates in tandem to help Olenox capture unique opportunities that often go untapped by the Company’s competitors.
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Safe Harbor Statement: Certain statements and information included in this release may constitute “forward-looking statements” as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management’s projections, estimates, and expectations is contained in the Company’s SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events, or developments, except as required by federal securities laws.