WOLFSHEAD OIL No 1 drilled three wells in Harmony Township, Forest County, PA which were completed in mid-September 2014. Members of Paramount Oil Ventures drilled these wells on a voluntary basis as an add-on to their program. In addition to the main oil producing sands anticipated on this property, we are producing from an additional sand called the “Venango 4th sand” and to our knowledge we are the only company producing from that sand in this area.
WOLFSHEAD OIL is continuing development in this area and will benefit greatly from the discovery of the Venango 4th sand. These are established fields where extensive geological mapping demonstrated the presence of four oil sands beneath the entire lease. We have the opportunity to drill many wells in this area.
We anticipate that the wells will be fully tax deductible in the first year with no tax preference. The projected return on investment is 100% recoupment of initial investment in the first 36-48 months, followed by continuing monthly returns thereafter. These wells have been known to produce for twenty years or longer.? All income earned in this program is partially tax-free.