Initial analysis indicates that the reservoir can be developed on the basis of 40 acre spacing. The company estimates well costs at between $1.0 to $1.1 million each, resulting in oil reserves for each offset well of 200,000 to 300,000 barrels of oil, with initial production rates of 200-300 barrels of oil per day per well. The company plans to initiate engineering studies to determine locations of new wells. The company estimates that combined reserves may be over 1 million barrels of oil.
Pacific Energy & Mining is a diversified company with oil and gas interests in Utah through its recent acquisition of properties in Grand County, Utah, a 7% working interest in the Brennan Bottoms Oil Field in Uintah County, Utah, and a 50% revenue interest in the Cisco Springs Oil Field in Grand County, Utah.
Additionally, the Company owns a 16.67% interest in Mar/Reg Investments, a General Partnership, through which it holds working interest in oil wells in Altamont Bluebell Oil Field in Utah and interest in numerous non-operated oil and gas wells in Oklahoma.
Pacific Energy also owns 80% of the outstanding shares of Pakistan Chrome Mines Ltd., a mining company with interests in over 34,000 acres of chromite and magnesite leases in Baluchistan, Pakistan. The leases mineral reserves contain an estimated 4 million tons of chromite and magnesite.
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