Project Profile
Location: Oklahoma, USA
Reserves: 3,450,000 barrels of oil
Production: 200 Bopd and 2,000 Mcf of gas per day
Area: 5,000 acres
This is a fifteen (15) horizontal well development program including an acreage position of 5,000 acres. The wells are low risk with Proven Undeveloped Reserves, attracting a P90 or 1P rating. Imperial believes the reserves could be worth up to 3,450,000 barrels of oil and 30 bcf for this prospect alone, equating to 7,500,000 BOE (energy equivalent over fifteen wells).
Minor oil companies can be transformed by a single judicious choice of development: the stock market has happy history of success stories based on successful “Company Maker” developments, such as the Bakken Shale, the Eagleford Shale and the Marcellus Shale. The trick to these sorts of plays is to get into them early. In Imperial’s case the Oklahoma Resource Play is relatively low risk, being predicated on recent proven technical advances to exploit a well known productive formation. The Oklahoma Resource Play is an absolutely ideal fit for Imperial in its ambition to rapidly transform itself, at relatively low risk, into a significant oil and gas producer. The Oklahoma Resource Play is therefore a potential “Company Maker” for Imperial.
A number of wells nearby with great success have been completed; all wells drilled are producing. Initial flow rates have exceeded 200 Bopd and 2,000 Mcf of gas per day. Furthermore, the produced oil is sweet with a high API specific gravity. The gas is also sweet, with a very high BTU content commanding a premium price. No H2S is present. Infrastructure is already in place with gas pipelines less than a mile from virtually all drill sites. Engineering risks are minimized: the formation is of relatively low pressure with shallow drill depths and reasonable length lateral well bores.
The aerial extent of this formation could allow a larger field development of several thousand additional wells, offering a stratospheric upside for Imperial, well beyond even “Company Maker” success.
Operator:
Imperial Resources