G2 Petroleum Pinpoints Initial Drilling Location at Diamond Springs
Lighthouse Petroleum announced to shareholders that G2 Petroleum, LLC has concluded its initial due diligence on the inaugural well to be drilled on the Diamond Springs Prospect and intends on filing an intent to drill within 30 days to the Bureau of Land Management.
The initial location that G2 Petroleum intends to file for an immediate drilling permit sets CSENW of Section 9-T32N-R90W with a target depth of 800' targeting the Dakota, Lakota, and Morrison Sands. According to the 3rd party Geological Assessment provided by Geologist, C.P. Abrassart, A.A.P.G. Cert Pet Geol #1284, WYO. Prof.Geol. 2548, the Dakota Sand (Estimated 10 feet of effective porosity) may yield 270MBO-540MBO as well as 2.7MMCF-5.4MMCF of gas. The Lakota Sand (Estimated 40 feet thick) may yield 496MBO-993MBO and 10.8MMCF-21.6MMCF of gas. This covers only the portion of the "North Diamond Spring Prospect" and does not include any reserves associated with the other two portions of this drilling prospect. Based on 40 acre spacing, 27 well locations are possible on just the North Diamond Springs.
Lighthouse Petroleum CEO, Paul Norat, states, "The science that has been performed on this location is very compelling. Initially, we spent much time deliberating about purchasing this Working Interest in this project but were eventually convinced that the 3rd party data had enough evidence behind it that some sort of a geological trap might exist on this acreage. What further excites us is the fact that the Geosensing Data, commissioned by Force Energy, is the initial drilling location identified by Mr. Charles Abrassart correlates with the possible existence of hydrocarbons as computed by the Geosensing data." Mr. Norat further states, "One can see where the initial location is proposed by the Geologist and how that is in line with what the Geosensing data is suggesting."
Although Geosensing Data is not 100% accurate, it can pose a high degree of accuracy in some instances. G2 Petroleum LLC feels strongly enough about this science that it is currently preparing an AFE, on the initial well, to be supplied to all Working Interest partners which include not only Lighthouse Petroleum but Force Energy (FORC.OB) as well, sometime within the next two weeks. Further data will be supplied to shareholders as it becomes available to LHPT Management.
The Diamond Springs Prospect is composed of three independent but geologically similar prospective locations within the 3,300-acre tract. West of Casper, Wyoming in the Sweetwater Mountains, this prospect is adjacent to both the Wind River Basin and the Casper Arch in Fremont County and is in close proximity to productive gas and oil fields.
The Northwest, North, and West Diamond Springs are shallow drilling prospects, 200 feet to 1,100 feet in depth, with 72 possible drilling sites within the three locations (based on 40-acre spacing). The drilling sites consist of stratigraphic pinch-outs of sands of the Cretaceous, Frontier, Dakota, Lakota, Jurassic, Morrison, and Sundance formations.
Third-party geological assessments suggest that there may be greater potential for further exploration in the deeper formations that may be present within this prospect. The initial focus is to exploit the shallower formations in order to take advantage of reduced investment risk and quicker return on investment.