In addition to the targeted sands, a number of new oil bearing sands have also been discovered providing the opportunity to establish several development locations. Production casing has been run and the well is being set up for production.
“Logging indicates that this well is likely to be the best discovery to date in the Four Rivers project. Completion of the well is underway and we expect it to be in production within 30 days,” said Ryan Messer, Pryme Oil and Gas’ chief operating officer.
“Results to date from the Four Rivers project are consistent with our objective of targeting moderate risk oil prospects with potential for rapid conversion to production if successful. This enables us to manage valuable capital and focus on building Pryme Oil and Gas’ oil production and reserves in the near term.”
Pryme Oil and Gas’ net revenue interest in the Jack Allen No.7 well is 18.75% (25% working interest). Drilling will resume in the Four Rivers project in coming weeks in line with the company’s plan to drill one to two wells per month.
Project Description
Pryme Oil and Gas has a 25% working interest (18.75 – 20% net revenue interest) in the Four Rivers project which extends from Winn, Concordia and Catahoula Parishes in Louisiana to Adams, Jefferson and Wilkinson Counties in Mississippi.
The project is targeting multiple stacked oil zones throughout the Middle-Wilcox formation and, to a lesser extent, shallow Frio natural gas zones, at depths ranging from about 4,000 to 7,000 feet. Wells drilled in the Middle-Wilcox exhibit long production lives with low decline rates after the initial flush oil is produced and relatively steady production is established. They are relatively inexpensive to drill and typically have low operating and on-going maintenance costs.
