Strategic American Oil Corporation has identified a new Pinnacle Reef oil drilling target (the P4 Reef Prospect) in the Illinois Basin.
The prospect target is located at depths between 2,000ft and 2,500ft, and the company plans to lease approximately 500-600 acres over the identified prospect and drill to evaluate the prospective subsurface geology.
This prospect was identified through the research of records from the Illinois State Geological Survey.
The P4 Reef Prospect is developed from coal exploration data and related information on record.
Strategic American Oil president and CEO Jeremy Driver said that the identification of this drilling target adds to the company’s development plans for the Illinois Basin.
"According to the Illinois State Geologic Survey, successfully developed pinnacle reefs in the region average about 2.5 million barrels of recoverable oil at depths of 2,000ft to 3,000ft," Driver said.