The field, which will be operated by the company, consists of 18,760 gross acres in the Morgan County and produces oil from a waterflood in the J sand and conventionally from the D sand.
According to the company, the proved and probable oil reserves associated with the field are in excess of three million barrels from both formations.
A gas cap in the J sand is estimated to hold more than three billion cubic feet of recoverable natural gas.
Black Raven said it has signed an agreement with a strategic partner which will provide geological, engineering, and management services associated with this project and will earn 24% of the company’s working interest after payout of all costs, including financing.
