The Houser-Sears #6 well was successfully drilled and logged, indicating the potential of new reserves within the leasehold. Geologic sample analysis and completion logs identified at least six potential zones with oil bearing formations for commercial completion. The Company has decided to initially complete two of the six zones and bring them online for production.
The completion program, which was recently started was designed to include at least two stages, the first of which targeted the St. Louis Lime. This interval was successfully perforated and stimulated this week. The St. Louis Lime swabbed 64 barrels in 8 hours and the oil cut ranged 23-33%. The projected potential rate, is approximately 30-40 barrels of oil per day from this interval respectively. The second stage of the completion program will target 7 feet of net pay at (2,849’-2,856’) in the McCloskey Dolomite formation, which will take place next week.
The log data indicates an excellent zone in the Lower St. Louis Lime in this well (3,170-75'). The 15% porosity, permeability and 43% salt water indicate that this interval should produce relatively water free. It somewhat correlates to the Ochs #1 (1,980' to SE). The Ochs #1 has 3.5 feet of 12% porosity and it had an initial production of 36 BOPD (after acid) and produced 2,585 barrels of oil in the first 120 days (21 BOPD average). The Houser-Sears #6 zone is 25% better on analysis, therefore the Company intends to test this zone first after running a cement bond log during the completion phase.
McClosky Dolomite
This zone has been the primary target of this project and log data indicates 27% porosity, which is excellent for this zone and 42% salt water calculated from an analog well. Should the St. Louis Lime zone only produce nominal amounts, the Company plans to also open this zone and co-mingle with the St. Louis Lime.
Prospective Formations Left Behind Pipe for
Once initial production subsides from the St. Louis Lime and the McClosky Dolomite, the Company will return to test and complete the other zones in systematic order.
Upper
Upper McClosky / Rosiclare Lime: This zone was thin (only 3 feet) with low end porosity (8.5%), but it did carry oil shows and is possibly on the "edge" of the previous wells to the west and northwest. It does correlate to the Sears-Houser #4 to the south, which was making a modest 1.5 BOPD after 65 years until the casing went bad and the parties repaired with a liner last year. The Company plans to open this zone in the future, when the time is right to come uphole for more production.
Lower Aux Vase Dolomite: This zone was a complete surprise. It carried fair oil shows during drilling but the log analysis was exceptional indicating 17-21% porosity and a 44% salt water. This zone has not been produced anywhere within 1 mile of this well and is also difficult to identify in the old 1960 vintage logs on this lease. This represents another future test zone.
Upper Aux Vases Sand: The offset #4 well to the south was thin, but the offset #6 had good oil shows. The PE curve denotes the 2722-33 interval was 30% Lime / 70% sand and low permeability with 10% porosity, although it had good oil shows. Going forward, the cement bond log should assist in determining if there exists a bond between this zone and the Lower Aux Vases interval. The initial results of this zone did not meet the Company’s expectations, but will be investigated further in the future.
“Our strategy in
“The goal for the Company is to replicate this business model in different basins in the Mid-continent and Rockies, where there is still significant value left behind,” said
About the Company
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All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our ability to raise adequate additional capital, or enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used in this release, words such as "will," “possible,” "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," "strategy," "future" or their negatives or the statements that include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, concerning our future operating results and returns or our ability to acquire or develop proven or probable reserves, our ability to replace or increase reserves, increase production, or generate income or cash flows are forward-looking statements.
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EVP of Finance
(800) 204-5510
ir@foothillspetro.com
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