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Forcefield Energy Inc

ForceField Energy Inc. operate in the oil and gas sector, with a focus on acquiring and optimizing underperforming oil and gas assets. Their corporate headquarters are at 1177 Avenue of the Americas, 5th Floor, New York, NY 10036.

A number of hedge funds and other institutional investors own shares of ForceField Energy Inc. (OTCMKTS: FNRG). According to information available, hedge funds hold 4.52% of the company's stock. BlackRock, Inc. is the most significant shareholder, with 0.13 million shares totaling 0.55% of ForceField Energy Inc.'s stock. Vanguard Group Inc. is the second biggest shareholder, with 0.07 million shares, or 0.25% of ForceField Energy Inc.'s stock.

During the third quarter, ForceField Energy' in-place wells saw an estimated 54% average production increase compared to the second quarter of 2022. The corporation is seeking consent to develop an Oklahoma property it purchased in May, following the effective testing of its first carbon capture and enhanced oil recovery pilot initiatives.

In the third quarter, ForceField Energy has extracted about 1600 barrels of petroleum from six wells at a 128-acre property in East Baton Rouge Parish, Louisiana. This well's daily production has increased to 50 barrels of oil per day this week from an initial 10 barrels of oil per day. ForceField anticipates additional increases in well production as it continues implementing methods to maximize oil recovery.

In a statement, the CEO of ForceField Energy Inc, Mr. Williams, said, "Our entire team is excited by the initial results from our most recent carbon capture and enhanced oil recovery pilot projects. The wells we are currently rehabilitating have the potential to produce up to 180 barrels of oil per day once optimizations are completed. Additionally, we are working hard to raise the daily oil production from these wells to up to 100 barrels by employing tuning procedures. There are 19 shut-in wells waiting for optimization after being purchased from our most recent acquisition of producing and reserve assets in Oklahoma. We are enthusiastic about the future output potential of our current Oklahoma asset after examining and agreeing with the report from our most recent carbon capture and enhanced oil recovery pilot initiatives in Oklahoma. In addition, we have hired local professionals to help get the necessary permits to start up the operations for our shareholders.