2017 – Pendleton Field, Louisiana

 

Summary

The Pendleton Project is a field redevelopment project targeting a fractured chalk reservoir that was  developed in the 1960’s with vertical wells.  Roxanna has acquired 12,000 net acres within the 100,000 acre field.  Shallow drill depths (3500’) provide a low cost opportunity to apply modern horizontal drill and completion techniques to intersect undrained fractures.  We believe the anticipated EUR’s of 100-150 MBO/well coupled with low drill and complete costs provide a respectable ROI for investors seeking to evaluate new plays in today’s low price environment.  The large acreage position creates an exciting option for significant additional value and ROI in the event of favorable initial well tests and/or oil price.

Lease Terms

  • 75% WI , 78% NRI available in 12,000 net acres (22 sections)
  • Leases are 3 year primary, with 3 year renewal option (renewal cost $150/acre)
  • 2,500’ horizontal well holds 640 acres

Deal Terms - ND 1-4-2017

 Pendleton FIeld Map with Roxanna Acerage (22 sections)

field-map

The Pendleton Field was selected as Roxanna’s second horizontal field redevelopment project through screening of over 500 carbonate fields. The field covers approximately 100,000 acres and has produced over 40 MMBO of 40-50o API crude.  The field produced the majority of oil between 1960 and 1970, and nearly all wells have been plugged and abandoned.

Our initial area of interest of 12,000 acres was based on low drilling density, high per/well productivity, and single large mineral owner.

We believe horizontal drilling provides the best opportunity to intersect undrained fractures.

For more information please contact Julie Garvin at 713-520-1153