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The company says while production at Plummer Field has fallen, higher oil prices have led to an increase in revenue.
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updated: 9/11/2012 9:32:05 AM
Citizens Energy Marks Oil Milestone
Indianapolis-based Citizens Energy Group says the Plummer Field facility in Greene County has produced its seven millionth barrel of oil. The company says the operation generated more than $6.1 million in revenue last year.
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September 10, 2012
News Release
Indianapolis, Ind. -- A discovery that was once considered an accident is celebrated today at Citizens Energy Group. Citizens announced production of the seven millionth barrel of oil produced at its oil operations facility, Plummer Field.
Plummer Field, located in Greene County, was discovered in the summer of 1969 when Citizens was drilling new wells to expand its underground gas storage field operations. While drilling, crews found something unexpected- oil.
By the end of 1970, 43 wells in Plummer Field were producing about 1,500 barrels of oil per day, which added more than $900,000 to company revenues that year. By 2002, Plummer Field, once thought to have only 4 million barrels of recoverable reserves, had produced 6 million barrels, making it one of the most productive oil fields in Indiana history.
“This year, as we celebrate Citizens’ 125th anniversary, we’re reminded what a valuable asset Plummer Field has been to the Trust,” said Carey Lykins, President and CEO of Citizens Energy Group. “Revenues from Plummer Field have funded our programs for low-income bill assistance, community investment and communications. These programs improve quality of life in Indianapolis and enhance our reputation as a valued community partner.”
While production at Plummer Field has fallen, higher oil prices have led to an increase in revenue. Last year, Plummer Field produced 83,531 barrels of oil providing more than $6.1 million of revenue to the company. Citizens is currently working to expand oil operations through a joint venture with CountryMark, which is the primary customer for Citizens Oil.
About Citizens Energy Group
Citizens Energy Group is a Public Charitable Trust providing safe and reliable utility services to more than 300,000 residential, commercial and industrial customers in the Indianapolis area. The Public Charitable Trust means its utilities are managed only for the benefit of customers and the community. Additional information is available online at www.CitizensEnergyGroup.com - Facebook - Twitter - YouTube
Source: Citizens Energy Group
