Plans are to shoot 3-D seismic on the acquired leases in conjunction with seismic option agreements in order to confirm subsurface structures. Confirmation of structures will be followed by drilling. Targets range in depth from 2,000′ to 4,000′.
According to a 2007 US geological survey assessment of the Illinois basin, the estimated quantities (mean) of undiscovered, technically recoverable oil and gas resources are: 214 million barrels of oil, 4.65 trillion cubic feet of natural gas and 24 million barrels of natural gas liquids. This assessment included areas in the states of Illinois, Indiana, Kentucky, Missouri, Ohio and Tennessee.
Steven Weldon, chairman and CEO of Signature Exploration and Production, said: “We are pleased to report our operator is moving forward with the leasing process to secure our entry into a well-known petroleum prospect in the Illinois basin.
“To-date, 30 oil productive reefs have been discovered at an average depth of 2,296ft in the basin. These wells average 3,834,025 barrels of oil. At today’s prices ($70), a well would have a production value of approximately $268m. Drilling wells in this area also are typically low cost due to the favorable leasing terms and the shallow depth of the wells. We are looking forward to participating in a near-term profitable drilling structure beginning in the third quarter of this year.”
Signature Exploration and Production is engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in the US.
