Project Profile
Value: Undisclosed
Location: Bighorn Basin, Wyoming, USA
Area: 5,500 acres
Reserves: 4.068 Bcf of natural gas and 343,700 Bbl of oil
Depth: 1,500 feet down to 9,000 feet below surface
Discovered: 1948
The Silvertip Field is located in the north of Wyoming near the town of Powell, close to the Montana border. The Bighorn Basin has been a significant source of hydrocarbons since the early 20th Century. The Silvertip Field was discovered in 1948. 3D Seismic covering 15 square miles including the majority of the active parts of the Silvertip Field leases is available for future development purposes. Incremental acquired leases in the Silvertip Oil and Gas Field situated in the Bighorn Basin, Wyoming, in June 2015. Incremental Oil and Gas purchased Silvertip Oil from Fidelity Exploration & Production Company for US$6.3m. The leases cover an area of approximately 5,500 acres. 80% of the leases are held by production.
At the time of acquisition, there were 105 wells in the field, 2 of which were water injection wells. The Field has more than 6 different producing reservoirs and several source rocks within the column from as shallow as 1,500 feet down to 9,000 feet below surface. The shallower reservoirs are predominantly gas while the deeper zones are mainly oil bearing. Average production from the field in December 2014 was 360 boe/d (25% oil and 33% NGL\'s The Silvertip Field has been returned to production in June 2015 after having been shut-in due to mechanical issues since January 2015.
Plant and equipment on site is capable of processing 4.5 MMcf of gas per day. Gas from the field contains a relatively high proportion of liquids which are extracted and sold as natural gas liquids (NGL\'s). The pumping equipment in the field is in good working order with many of the wells having been drilled in the last ten years. There are in excess of 12 miles of gas gathering pipelines from the field to nearby transportation pipelines.
Operators:
Incremental Oil and gas: Operator with 100% interest