According to the company, the Canyon Sands formation on the Childress-Soto prospect has numerous targets shown by 3D seismic data. 3D seismic buildups provides subsurface mapping including probable reservoir locations.
Petro Grande has designated over 75 locations on lands located on the Soto Lease (Canyon Wells) that it believes will be economic to drill. In addition, Petro Grande has identified 75 targets for Strawn and Ellenburger formations.
Petro Grande estimates that there could be approximately 500bcf of natural gas in its acreage position, this potentially represents an opportunity of recovering approximately $2bn of natural gas based on current approximate value of $4 per thousand cubic feet of natural gas. The three main natural gas formations are Canyon Sands that are approximately 6,300′ in depth; Strawn formation, about 12,000′ in depth; and the Ellenburger is approximately 14,000′ in depth.
