SEMINOLE COUNTY, PHASE I
This project is located within the heart of Seminole County, Oklahoma, the site of the historic Seminole oil boom, which turned Oklahoma into one of the most prolific oil producing regions in the world for a time. Our two wells, the ASE 1 & ASE 2, are going to target two primary reservoirs (or pay zones), the Booch at approximately 3,300 ft and the Wilcox Sands at approximately 4,100 ft. The Wilcox was the discovery that sparked the oil boom in Oklahoma when it was discovered by the Indian Territory Illuminating Oil Company in the 1920s. These historic pay zones are producing to this day, which is why our prospective well site is surrounded by production.
Our wells are not “wildcats,” or exploration wells in an unproven oilfield. These wells are offsets of producing oil wells, and are thus categorized as proved undeveloped reserves, or PUD wells, meaning that the field has already been proven to produce hydrocarbons. The offset well, known as the A1, has been producing commercial quantities of oil since 2017. Using data gathered from this well, we expect that the ASE 1 & ASE 2 have the potential to produce approximately 29% more oil.
As of April 21, 2020, our first well on this lease, the ASE 1, has achieved target depth. We’re now beginning preparations for the ASE 3, and expect that this well will achieve the same level of success as its predecessor.
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