An independent oil and gas exploration company plans to deepen a previously drilled well in Central Texas with expectations of finding a significant oil and gas reservoir. In 2006, this well was temporarily stalled due to financial considerations after a $2,500,000 investment that took the well to 12,120 feet. The main geological objective was not reached, which geologists estimated to be about 3000 feet deeper. The geological team has evaluated the well logs and other relevant data and they have concluded that the probability of discovering significant hydrocarbon reserves at this location looks more compelling now than it did before starting the original venture.
The electric log from the original well has been analyzed by a highly reputable professional log analysis company and they have determined that there is a shallow “bail-out zone” behind casing which will probably produce about 300,000 cubic feet of natural gas per day if it were to be perforated. Three PhD earth scientists (two are professors associated with major universities) have analyzed the hard data collected to date and found additional evidence that leads these professionals to believe that there will be producible hydrocarbons from this well bore. Upon discovery of oil or gas, this small company, with its currently leased acreage block (8,000 acres) will be well positioned to be the leading company to develop this part of Central Texas. Minimum $50,000, maximum $5,000,000.
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