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Petrotech Oil and Gas announces 18 well drilling program

BEDFORD -- PetroTech announced the current Brown has recently been revaluated by a geologist that specializes in the Nowata, Oklahoma area and the company has initiated an expansion of the original development plan for the lease.

The current evaluation disclosed a well known oil producing zone under the lease. The proposed 18 well drilling program will also include five of the existing wells to be converted to injection wells. The company will inject water as well as gas and CO2 back into the zone to enhance production. It is estimated that there are 40 Mbbl of recoverable oil under the lease. The first well scheduled to be drilled next week will allow the company to test various injection methodologies.

The key to success in this area of Oklahoma is optimizing production from the many hydrocarbon bearing zones, which includes the coal seams. With most wells encountering about a dozen zones that have known production in this area, the drilling risk is extremely low. Having this serendipity also extends the production life of wells from 10-12 years to 15-20 years.

Production rates in this area range from 2 to 50 bopd per well with typical results averaging between 5 and 10 bopd. Initial flow rates can be higher for a short duration before settling into this range with the quality of crude being excellent (33° to 42° API oil). Natural gas is the fallback position in this area due to shallow Excello shale that blankets the area as do several methane gas bearing coal seams. As such, natural gas is almost always produced in a well in this area with production rates ranging from 5 Mcfpd to 200 Mcfpd.

Since most of this gas is produced from coal seams, initial production rates are actually lower and increase over the first few months because coal seams must "dewater," where water in place in the coal seam is brought to the surface, freeing up the gas to begin coming to surface through the well bore. As a result, a typical scenario would be for a well to produce from a coal seam and after dewatering for about a month to start giving up its natural gas. The flow rate of between 950 to 1050 BTU gas will usually start around 5 Mcfpd and increases as the water comes off with most wells settling in around 30-50 Mcfpd. In PTOG' s project area, there is an estimated 98% completion rate and 100% discovery of gas, making it one of the lowest risk exploration areas in the country.

"This recent re evaluation of the lease adds reserves and new production we underestimated in our original purchase. We have acquired this initial 80 acre project with another 480 acres targeted on the area.  We are already seeing increased gas production from the initial dewatering of the gas wells and expect favorable result from the newly drilled wells," stated Eddie Schilb, President of PTOG.

01/28/2014

 

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