Project Profile
Location: Maverick Basin, Maverick County, Eagle Ford Shale formation, South Texas, USA
Reserves: About 1.2 billion barrels of oil
Area: 10,945 net acres
Strata-X Energy has purchased exploration rights on the Maverick Oil Project which will target the Eagle Ford Shale formation in South Texas, USA. The Maverick Project is a high potential oil development project for Strata-X Energy and consists of a working interest in approximately 10,945 net acres to Strata-X interest in Maverick Basin, Maverick County, Texas. Strata-X Energy will be the operator of the properties.
The Maverick Project is located in west central Maverick County within the proven Eagle Ford Shale hydrocarbon fairway of southern Texas. According to the Texas Railroad Commission, as of May 2012 there were close to 2000 oil and gas wells completed in the Eagle Ford Shale, and another 4000 wells targeting the Eagle Ford in various stages of permitting across a 23 county area. As of April 2012, the Energy Information Administration (EIA) quotes crude and condensate production from the play as averaging more than 500,000 bopd, compared to the 182,000 bopd average production during first-quarter 2011.
Recent drilling and published studies have revised the location of the Maverick project to near the light oil and condensate boundary greatly improving the economic oil potential of the Maverick Project. The Maverick Joint Venture has estimated original oil in place resource in the Eagle Ford shale for the project of about 1.2 billion barrels of oil with the primary risk for the project being to determine completion methods which will yield commercial flow rates and ultimate recoveries.
In June 2013, the company secured the services of specialized analysis company, Total Depth Pty Ltd, to conduct proprietary seismic processing and interpretation analysis of the current 3-D seismic data on the Maverick Oil Project. This analysis was designed to assist the company in geological mapping for the proposed vertical well drilling campaign. It is anticipated that the work completed by Total Depth Pty Ltd will allow the company to more accurately predict the most appropriate zones for fracture stimulation within the 400-500 feet of interpreted vertical oil column exhibited in previous wells within the Strata-X leases. In the company’s assessment, the nature of the hydrocarbons and reservoirs within the Eagle Ford in and around the Maverick Basin requires a different approach to drilling and completion methods than those currently being utilised in deeper portions of the Eagle Ford trend. To date, Total Depth Pty Ltd has supplied the company with multiple prospective drilling locations based on its seismic interpretation.
One of the locations supplied by Total Depth Pty Ltd is known as the Cinco Saus Creek #1. This location is currently being permitted and the Company anticipates receiving all required regulatory approvals by late November 2013. With this timing in mind, Strata-X has contracted Unison Drilling, Inc. of Devine, TX to utilise their rig #11 to drill Cinco Saus Creek #1 and expects the rig to be mobilised to the location by the first week of December 2013.
The Cinco Saus Creek #1 is designed and is being permitted as a vertical test of the targeted Eagle Ford formation in the Maverick Basin. In the company’s assessment, the nature of the hydrocarbons and reservoirs within the Eagle Ford shale formation in and around the Maverick Basin requires a different approach to drilling and completion methods than those currently being utilised in deeper portions of the Eagle Ford trend. As such, Strata-X anticipates coring approximately 600 feet of the targeted Eagle Ford shale and Buda formations. The information gained from the analysis of the core and well logging is expected to assist the company in designing the most efficient completion method for the well.
Operators:
Strata-X Energy: Operator with 100% interest
Contractors:
Total Depth Pty Ltd: Conduct proprietary seismic processing and interpretation analysis of the current 3-D seismic data
Unison Drilling: Drilling of the Cinco Saus Creek 1 well. (December, 2013)