Pendleton Field was discovered in 1960,and has produced > 40 MMBO from vertical wells, primarily in the mid 1960’s, early 1970’s . API gravity ranges from 40-55 degree
Pendleton Field is not a continuous “single” reservoir. It is compartmentalized into separate accumulations providing opportunity for horizontal redevelopment
Primary storage and deliverability is in fractures
Horizontal wells are more likely to encounter oil charged fractures missed by vertical drilling
We expect to recoveries to average 250,000-300,000 BO per section with per well recoveries from 170–250 MBO
Activity to Date:
Roxanna has a 25% WI in this project
Leased ~25,000 acres
Drilled 4 horizontal wells
Key Learning and Observations from Roxanna Activity:
What we have learned over the last 2 years and continue to learn about this reservoir will allow us to make significant improvements to the overall profitability
Significant amounts of oil remains to be recovered in Pendleton Field
Horizontal wells can be effectively steered to stay high in the reservoir and avoid the Midway shale
The southern fault trends of the field have significant reservoir energy and wells will flow initially
Horizontal wells are effective in encountering multiple fracture zones, including productive intervals between historically productive trends
Oil production favorably compares to wells drilled 30 years previously
Our focus is on reducing cost and optimizing oil production
INTERNATIONAL
Kimmeridge Energy: Kimmeridge Shale, United Kingdom
