PetroSouth Signs Farm-in Agreement in California Prospect
PetroSouth Energy Corp. announced that it will participate in the North Semitropic Prospect, located in Kern County, California, following a farm-in agreement with operator/explorer Transco Oil & Gas, Inc.
The North Semitropic Prospect is approximately 2,390 acres encompassing three target horizons to approximately 16,500 feet. The primary target is 13,700 feet, FJ/Vedder Sands (Miocene – Oligocene) with secondary targets of 10,000 feet Fractured Monterey Shale, (Upper Miocene) and 16,500 feet E-Sand (Eocene) zones will be drilled to approximately 10,000ft, 14,000ft, and 16,500ft.
An independent expert has estimated the three main targets to be explored have potential gross reserves of 32 MMBO (million barrels oil) and 19 BCFG (billion cubic feet of gas).
The North Semitropic Prospect is located on the prolific Rio Bravo-Greeley trend in northern Kern County. This trend extends some 30 miles in a northwest to southeast direction across the valley. The trend continues to be under-explored. The potential for oil & gas accumulation has been developed through the use of both seismic and sub-surface geological disciplines.
The first test well has a target depth of 14,000 feet. This will allow testing of two targets, the primary objective, the FJ/Vedder Sand at approximately 13,700 feet and the back out zone, the fractured Monterey Shale at approximately 10,000 feet.
The final target at about 16,500 ft. has a seismically defined structure. This target has been penetrated in the old Wasco field by a well drilled in 1940 to the Vedder sand and deepened in 1949 to the Eocene sand which produced over 275,000 barrels of 40 gravity and over 1 BCFG from the Eocene before being shut in.
"The participation in the North Semitropic Prospect located in the prolific San Joaquin Basin enhances our existing portfolio of high-value energy projects," Fred B Zaziski, chairman of PetroSouth Energy, said. "An excellent fit with the company's overall strategy of delivering sustainable growth focused on developing oil and natural gas reserves."
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