Riverdale O&G is steadily increasing its assets and revenues through acquisition of oil and gas interests that are non-operating and without the costs for drilling and completion. The latest acquisition is a 160 acre, 2.5% carried working interest (CWI) on 3 new producing wells and 1 well scheduled for drilling to 5,500', in the next few weeks, situated in Frio Co., Texas.
Recently, RVDO acquired a 1.667% CWI in 60 acres in Lavaca Co., Texas, which is scheduled to be drilled to 6,000', within a month and has an estimated reserve of two billion cubic feet (2 BCF) of gas and 12,000 barrels of condensate.
RVDO is currently in the process of commencing a 3D seismic acquisition over its 631.82 acre Foster Lease, located in Jim Wells Co., Texas. Funding is being completed and a 8,500' well is estimated to be drilled during the 4th quarter, 2011, that could penetrate 16 potential oil and gas reservoirs, that have been identified from the offset producing wells. There are an additional 8 to 10 development wells that could be drilled on the Lease. RVDO will retain a 6.25% CWI.
Each project mentioned above, has or will have the utilization of 3D seismic, and the application of a proprietary Neural Network interpretation process. The Neural Network has demonstrated the ability to define oil and gas accumulations, with much greater accuracy, than the use of 3D seismic alone.
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