HXPN, Inc. announces 2022 Q1, Q2 Revenue, Sheppard Pool

FRISCO, TEXAS, Oct. 14, 2022 (GLOBE NEWSWIRE) — HXPN, Inc. (OTC PINK: HXPN) (the “Company”), an emerging technology and mineral resources development company, today announced 2022 1^st Quarter revenue of $1,175,000, and 2022 2^nd Quarter revenue of $640,000, with each resulting from the sale of a net profits interest in its Sheppard Pool Energy investment and its Bayou Villars investment, respectively, with each investment being announced earlier this year. The Company owns 75% of Sheppard Pool Energy. The sale of the net profits interest of the Sheppard Pool Energy recompletion project is one third (1/3^rd) of the net profits of the production of the fifteen (15) wells that the Company will re-complete. The sale of the net profits interest of the Bayou Villars recompletion project is one half (1/2) of the net profits of the production from the first well that the Operator will re-complete and one third (1/3^rd) of the net profits from the production of the second well that the Operator will re-complete. The proceeds from the sale of the net profits interests were used to finance the recompletion projects of both investments. The Company expects to release its full Q1 and Q2 financial statements in the near future.

Additionally, and also related to the Sheppard Pool Energy investment, the Company announced the results of a limited flow test of the first two recompleted wells in the Sheppard Pool Energy 15-well recompletion project. Both wells were perforated in the oil prolific Dutcher formation and each received an acid stimulation. Each well has test flowed at an initial production rate of ten to twelve (10-12) barrels of oil per day and 50-100 mcf of gas per day. At present the Company is considering additional procedures to increase the daily production rate per well to the anticipated 25-50 barrels per day of oil production. The Company may opt to place the wells on production and produce them as is without performing any additional procedures at this…