Publicly traded Oil & Gas Company looking for expansion capital. Currently controls leases totaling over 35,000 acres
Today we introduce you to a publicly traded Oil and Gas Company that controls leases totaling over 35,000 acres of oil rich property. The region has significant activity going on with over 10,000 operating wells currently producing. Recent Seismic and geological surveys by the Company has identified an immediate need for 10 exploration and a minimum of 30 development wells.
Region has an estimated 10,000 operating wells (Major players are Chevron and Oxy). Two fields that sit next to the property have produced over a billion barrels of oil. Estimated oil reserves for the acreage could contain 12- 15 million barrels of oil.
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Current Operations:
Currently the Company has 11 operating wells, producing approximately 230 barrels of oil per day. The Company is the operator of the property and controls a 41.67% working interest
Extensive seismic and geological surveys have confirmed similar results on their operating property. Currently the work and surveys completed allows the Company to add an additional 10 exploration wells. Should the Company get funded for $5 Million, then the plan calls for an additional 40 exploration and development wells this coming year. Keep in mind that for every successful exploration well, you will typically see 5+ development wells launched. The mitigating risk is that the region has significant activity going on and quite a bit of this activity is from some of the top Oil and Gas companies in the world.
The Company’s operating costs is less than $10 per barrel
Reserve Report:
The Company recently received the results of an independent study of the Company’s oil and gas reserves performed by a certified independent engineering firm. The reserve report as of March 1, 2010, reports the Company has net proved reserves of 62,000 barrels of oil. Keep in mind that this report only takes into account the 9 operating wells. With an acquisition of one of its partners interest during the year and subsequent drilling the company conservatively estimates its reserves to be in excess of 100,000 barrels of oil
40 exploration and development wells are planned for the coming year
Opportunity:
The company is seeking a long term financing of $5,000,000 to fulfill their 41.67% commitment on the drilling of 40 exploration and development wells. We have quite a bit of material we can send to you, so please email or call me for additional information or any questions that you have and we will have the company respond to you immediately.
