The Saratoga Prospect is located near the town of Many, Louisiana and within the prolific Upper Cretaceous, a historically productive trend which has from this multi-field area produced in excess of 50 MMBO. The areas success is due largely to its cretaceous age fractured chalk. At average depths of less than 3,000 feet the average well cumulative production is estimated at 30-50 MBO with better wells reaching 100-125 MBO vertically. The Saratoga Prospect is expected to be drilled 2,950 feet deep vertically with the option of stimulating the well and maximizing and/or accelerating cash flow using Lateral Jetting technologies.
Gulf Coast estimates potential reserves to be in the 500,000 barrels of oil range for the entire prospect, which would mean a potential of 125,000 barrels of oil per well if all 4 wells were drilled. This information has not been proven yet and further reports and work will have to be done to confirm these numbers in detail. The drilling of all 4 wells will also be contingent on the company's success in drilling the first well.
Gulf Coast Oil & Gas anticipates to begin drilling their first well within 120 days. Based on their success Gulf Coast plans to drill up to 4 shallow wells on the Saratoga Prospect. "We are extremely excited about acquiring our first Oil Prospect. We believe it is in the shareholders best interest to acquire lower risk, shallow well prospects that can be drilled for substantially lower costs than larger wildcat high risk wells" said Rahim Rayani, CEO of Gulf Coast Oil & Gas.
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