Branta Completes 9 Successful Wells in Uinta Basin
Branta LLC reported that Branta Exploration & Production LLC completed the drilling and initial testing of nine highly successful oil and gas wells in the Uinta Basin of Utah from the Green River, Wasatch and Mesaverde formations which exceeded management's expectations.
Branta has established three foundational oil and natural gas opportunities in the Uinta Basin of Utah:
Altamont-Bluebell Potential Major Southerly Extension
The Bar F # 1-20-3-2 discovery well commenced oil production on March 24, 2010 in the center of the Uinta Basin, Utah testing at a stable average rate of 900+ barrels oil per day of 42 API yellow wax crude and 650 thousand cubic feet per day (Mcfd) of natural gas with approximately 1,400 pounds of flowing tubing pressure. The well was completed in the Lower Green River and Upper Wasatch formations at a depth of 8,200 to 9,600 feet with six stages of hydraulic fracing. The Bar F is about 7 miles south of the Altamont-Bluebell fields and potentially represents a major southerly extension of these prolific fields that combined have produced over 373 million barrels of oil equivalent from approximately 792 wells. Two other southerly extension wells to the Altamont-Bluebell field have also been recently completed by another operator as producers to the northeast of our Bar F well. Branta has interests in over 90,000 gross acres in the Altamont-Bluebell southerly extension area and plans to drill about four field delineation wells in 2010.
Monument Butte's Prolific North Extension
Since December 2009 Branta has participated in eight Greater Monument Butte oil wells in the South Myton Bench Area (the "Moon Wells") which have been drilled and completed with outstanding results as a northern extension of the Monument Butte oil field. The Greater Monument Butte field was discovered in 1964 and has produced about 68 million barrels of oil equivalent from over 1,600 wells. The Moon wells include some of the highest initial producing rates for wells drilled to date in the Monument Butte field. Two of the eight wells remain shut-in as processing facilities are expanded to handle unexpectedly high volumes of crude oil and natural gas. The six producing Moon wells on production have produced in excess of 115,000 barrels of oil since December, 2009. The Moon 3A-29 initially flowed for a 24 hour period at over 1,900 barrels of oil per day (BOPD) with current estimated daily production of 350 BOPD.
Outside of the South Myton Bench project, there have been several wells drilled by other operators to delineate the Monument Butte north extension area that are capable of producing at rates in excess of 100 barrels per day. One well 14 miles to the Northeast of the Moon wells produced at 100 BOPD and another well 11 miles to the West produced at 400 BOPD. Branta has interests in 24,000 gross acres in the Monument Butte northerly extension area and plans to drill 5 to 10 development and stepout wells in 2010.
Antelope Gas Resource - Mesaverde Basin Centered Tight Gas Sands
The Bar F # 1-20-3-2 well was drilled to a total depth of 17,566 feet into the over-pressured Mesaverde basin centered gas formation and was tested from 14,000 to 17,400 feet with an eight stage hydraulic fracing program. The well flowed at rates between 1.5 and 2 MMcfd of natural gas from various individually tested intervals. These tests have not conclusively determined the commercial potential of a stand-alone Mesaverde natural gas development in the current price environment. These tests do, however, establish a multi TCF, long term gas resource which could be substantially held by production from development of the shallower oil resources currently being tested in the Bar F. The Bar F established the fundamentals for long term natural gas drilling including an interval of 3,000 gross feet of tight sands with natural gas, over-pressure, evidence of natural fracturing and confirmation of the utility of hydraulic fracing. Branta has interests in more than 64,000 gross acres in the Antelope Gas Resource.
Active Oil Drilling Program
Branta plans to conduct an active appraisal and development drilling program for oil on the Altamont-Bluebell southerly extension and the Monument Butte northerly extension with a view to having the first phase of development drilling substantially complete within three years. Further, Branta is participating in planning and consideration of both a 2D and 3D seismic program across these fields.