Incremental Oil and Gas Ltd (Incremental Oil And Gas) has announced its entry in to the Williston Basin with the spud of the Hanson 43-43 located within the Newporte Field.
This opportunity provides the Company with a low-cost entry into a highly prospective drilling program with an experienced Williston Basin operator. IOG has a 10% working interest (WI) in the drilling joint venture with the potential to drill up to four additional wells.
The Newporte Field is a documented meteor-impact feature (astrobleme), created by an asteroid collision which formed natural hydrocarbon traps and fracture systems which increase production deliverability. The prospect target is the Cambrian-aged Deadwood Formation sandstones on along the rim of the feature at 9,400.
An analogue to the astrobleme structure that formed the Newporte Field is the Red Wing Creek Field discovered in 1972 in the Williston Basin. This field has produced more than 13 Million barrels of oil and 16 Billion cubic feet of gas to date.
Shell Oil Company originally drilled the discovery well (300 MBO) in 1977 using low resolution 2D seismic technology. New high resolution 3D seismic data clearly delineates the development potential of the impact structure and supports multiple drilling prospects in the field.
This drilling opportunity is aligned with a shift in the Company’s focus on the highly productive Williston and Powder River Basins. Incremental is actively pursuing other opportunities in these areas.