Brinx Resources Spuds Palmetto Point Well
Brinx Resources has commenced drilling operations at Palmetto Point in Mississippi. The target depth has been reached on the first well, and production casing has been set. Side-wall cores and logs indicate that the PP F-40 well contains two potentially productive gas zones within the sands of the Frio Formation. The drilling unit is now moving to the second of ten locations to be drilled during this program.
As previously announced, Brinx has acquired an initial 10% interest in a 10-well drilling program at Palmetto Point. Targets are primarily but not exclusively natural gas and the Operator has already shot and analyzed extensive areas of 3D seismic and identified over 80 drill targets.
The Operator for the Drilling Program at Palmetto Point -- Griffin & Griffin Exploration -- will facilitate all aspects of the program including drilling, logging, testing, completing and equipping for production of all ten wells. Weather conditions along with rig availability will determine the length of time to complete the program. At this time it is estimated that six of the first ten wells will be completed within the next two to three weeks.
Brinx President Leroy Halterman says that, "Brinx is very interested, depending upon the success of this ten well program, in our ability to participate in a long-term development project of potentially over eighty wells at Palmetto Point." Halterman added that, "This project has the potential to deliver significant value to our Company."
The prospect wells are located in the Frio Geological Formation. Frio wells typically enjoy low finding costs and have a high degree of success. Griffin has utilized seismic "bright spot" technology, a technology that helps to identify gas reservoirs and to delineate the reservoir geometry and limits. Utilizing these critical factors has improved reserve estimates and the geologic success ratio.
The gas targets occur at shallower depths, and have minimal completion costs. The Frio in the area of Southwest Mississippi and North-Central Louisiana is a very complex series of sand representing marine transgressions and regression and therefore the presence of varying depositional environments. Structurally, the Frio gas accumulations are a function of local structure and/or structural nose formed as a result of differential compaction features. However, stratigraphic termination (i.e. up dip pinchout of sands within shales) also plays a role in most Frio accumulations. The stratigraphy is so complex that seismic HCL evaluations are the only viable exploratory tool for the Frio prospect.
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sand Project in McClain County, Oklahoma (70% interest), the Owl Creek Project in Noble County, Oklahoma (40% interest), and its newest interest in its Mississippi Prospect in Palmetto Point (10% interest). Brinx Resources is seeking to expand its portfolio to include additional interests North America.
- Brinx, Partners Complete Development Oil Well in Oklahoma (Sep 07)
- Brinx, Partners to Drill Development Well in Oklahoma (Jul 12)
- Brinx Charges Ahead in Southern Ok. Seismic Program (Mar 29)