The Glasgow Prospect, identified through similarities in seismic work completed in Michigan, which established production in the Michigan Basin from similar "Wrench Faults." Seismic information of the proposed drill site shows small repeat and normal faults along a wrench structure. This type of repeated sections may be similar to wrench structures found associated in the Michigan Basin, cumulative production for this basin to date is 1.3 billion barrels of oil and 6,408 Bcf of gas.
The Williston Basin is one of nine major petroleum provinces in the northern Rocky Mountains-Great Plains area. It has four known giant oil fields, at Beaver Lodge, Pine, Little Knife, and Billings Nose, each of which contains over a hundred million barrels of oil. The basin has produced more than 1.2 billion barrels of oil since Amerada drilled the No. 1 Clarence Iverson Well near Minot, North Dakota in 1951. The U.S. Geological Survey predicts that another 700 million barrels remain to be found.
"With estimates of 5 million barrels at today's prices this will be equivalent to a $300,000,000 asset on our books," stated Jon Fullenkamp CEO of Victory Capital Holdings Corporation.
About Victory Capital Holdings Corp: Victory Capital Holdings Corporation is a publicly traded, developmental stage petroleum exploration company primarily dedicated to the oil & gas industry and similar energy related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.
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