An oil production well produces from a formation that is 10 ft thick and has a permeability to oil of 50 millidarcies. The well produces only oil. Estimate the steady state production rate in bbl/day, assuming that the pressure (P) at the effective drainage radius (re=300 feet) is 500 psia. The well bore pressure is maintained at 100 psia. Viscosity of the oil is 0.42 cp at reservoir temperature. Radius of the producing well bore is 0.5 ft.