RAM Energy announced an update to activity in its Mississippian oil play in Osage County, Oklahoma which encompasses the company's 56,320 acre concession, a part of the broad Mississippi Chat/Mississippi Solid/Arbuckle oil play in the region. Interpretation of the first phase of 3-D seismic (Phase I), acquired in 2010, and initial drilling results indicate that a substantial portion of the acreage surveyed could be prospective. Although the Mississippi Chat has been the company's primary objective to date, the company's practice is to drill through the Chat and through the Mississippi Lime formation in order to gather additional science for future development. The initial wells drilled have encountered Chat zones 40 – 70 feet thick and porosities ranging from 20% – 35%. Similarly, initial wells have drilled through Mississippi Lime zones of 100 feet or more in thickness with a porosity range similar to the 5% – 15% range of porosities experienced by other operators in the western portions of the play.
Progress on the initial Phase I 3-D seismic shoot covering 16,000 acres can be broken down into the following areas:
The Surber 1-26, the initial discovery well in this area, was drilled to a total depth of 2,530 feet and completed in the Mississippi Chat. After acidizing, this well had initial production of 80 barrels of oil per day (BOPD) and declined to 20 – 25 BOPD prior to fracture stimulation. The Surber 1-26 was slick water fractured in late March 2011 and, after stimulation, was producing 100 – 107 barrels of oil equivalent per day (BOEPD) comprised of 87 BOPD and 119 thousand cubic feet of gas per day (MCFPD). Since June 1 it has been producing 65 – 75 BOEPD, comprised of 35 – 45 BOPD and 200 MCFPD, while we continue to de-water the formation.
The capacity of the Surber SWD to dispose of produced salt water has limited the company's ability to fully test the other wells in the southern Surber area. RAM is currently increasing the capacity of the Surber SWD to dispose of 7,000 – 8,000 barrels of salt water per day and installing production and testing equipment on the remaining wells in the Surber area. Daily production for the Surber 1-26 has been consistently above the average type curve of wells in the area studied by RAM and has already cumulatively produced in excess of 5,000 barrels of oil in the past nine months.
Phase II of the 3-D seismic shoot covering an additional 19,000 acres of the company's Mississippian oil concessions is currently underway with approximately 50% of the acquisition completed.
"We continue to be encouraged by the initial results from our Osage Mississippian oil concession. Once production and disposal facilities are finalized in our southern Surber area, we will provide the market additional production information on this area, as well as regular updates on drilling activity in the central and northern areas of Phase I. We also look forward to completing the acquisition of Phase II's 19,000 acres of seismic data," said Larry E. Lee, President and CEO.
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