Business UpdateMay 1, 2026, 05:06 PM
IBG & BlockFuel Complete Reserve Report, Plan Multi-Phase Development
AI Summary
Innovation Beverage Group Ltd (IBG) and its proposed merger partner BlockFuel Energy announced the completion of an independent reserve report for their Central Oklahoma oil and gas assets, effective December 31, 2025. BlockFuel has made significant operational progress, returning 19 wells to production. The companies outlined a multi-phase development plan, including recompletion of existing wells and drilling up to 28 new vertical wells by 2028.
Key Highlights
- Independent reserve report completed for Central Oklahoma oil and gas assets, effective December 31, 2025.
- BlockFuel Energy has successfully returned 19 shut-in wells to production.
- Phase 2: Recompletion of 34 existing wells targeting Mississippi Lime, commencing May 2026, at $250,000 per well.
- Phase 3: Plan to drill 8 new vertical wells in 2026, targeting Mississippi Lime.
- Up to 20 additional new vertical wells planned for 2027 and 2028.
- Identified over 200 potential drilling locations with estimated recovery up to 65,000 barrels of oil equivalent per well.
- Acreage covers approximately 35,000 acres, primarily in the Mississippi Lime formation.