Sefton Resources' subsidiary generating oil at Kansas wells

8th Feb 2013 08:57

Monthly production of oil in a north east Kansas well operated by Sefton Resources' subsidiary TEG MidContinent is averaging 300 barrels, an operational update issued by the company on Friday has disclosed.The AIM-listed company unveiled an operations report of oil and gas exploration and production operations via its wholly-owned subsidiary TEG MidContinent on Friday outlining a number of higlights.The group stated that oil production had been established in north east Kansas by putting in place surface facilities and providing a gas gathering system which would allow for a significant growth in oil production.Some 550 barrels of oil were sold since the operations began in the latter part of 2012, which included 300 barrels of oil sold in January 2013, with production coming primarily from two leases.Jim Ellerton, Chairman of the board, said: "Kansas exploration and production operations are now generating revenue from oil sales with plans for a steady increase of such. The scope for growth in Kansas is considerable, especially as gas sales are added over the coming months. He added: "We look forward to being able to make regular production updates from Kansas and demonstrate the validity of our growth strategy for this business."Sefton's share price was up 7.14% to 1.12p at 09:41 on Friday.MF