You sometimes hear of coal mines that are re-opened because rising prices have made what were once economically unviable deposits viable once again. Now one company is looking at doing the same thing with abandoned oil wells. Talon Energy Company (www.talonenergycompany.com) was set up specifically with the intention of developing oil and gas resovoirs in ‘shut-in’ or abandoned wells.
Many of these wells still have viable resovoirs of gas or oil but were overlooked because the logging tools used when the well was originally opened were nor sufficiently technically advanced enough to detect all the available deposits. In particular, it is certain formations that have this potential for undetected resovoirs, and ones that were recorded prior to the 1970′s before the introduction of radioactive logging tools.
Talon’s strategy is to take advantage of a number of State initiatives aimed at finding new methods of offsetting problems caused by oil industry activities, and acquiring a number of abandoned salt dome fields which fall within a series of suitable criteria. It would seem that there may be life left in many a well once considered exhausted. In times such as these they could very well become commercial viable once again. Anyone interesting in investing in such projects, and that have a minimum of $100k to invest, should contact the company via its website.