The Humble Oil fields are still active and have produced more than 138.8 million barrels of oil. Humble Oil started in these fields, changing its name to Exxon in a mid-1960s restructuring and merging with Mobil in 1998 to form ExxonMobil.
4D Seismic's agreement with Clayton Ivy calls for the company to reinterpret seismic data and adapt it to a 4D format for evaluating and determining possible undetected reservoirs in the Humble Oil field. Data migration should be completed within 12 months.
Clayton Ivy, Inc. is the mineral owner of more than 100 acres in the Humble Oil field with 23 oil wells. 4D Seismic will be compensated by a fee for service and a participation in any discoveries. With fee income from this project, 4D Seismic will exceed its revenue and net income projections for fiscal 2006 by 40 percent.
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