Delta O&Gas has received stabilized flow rates for the first and second wells drilled and completed at its Oklahoma prospect.
After the initial period of production, the flow rates on the first and second wells have stabilized at approximately 400 barrels of oil per day combined with some associated natural gas. This confirms our initial conclusion that we have identified a significant new oil discovery in this area.
Electric logs also indicate the potential for numerous additional high potential pay zones above this tested zone, including one that is known to have flowed oil and gas to the surface during earlier drill stem testing.
The 3rd and 4th wells in this 4 well drilling program have also been drilled, completed and are undergoing further testing for commercially viable quantities of hydrocarbons. Electric logs indicate that the drilling of these wells may have intersected up to nine separate pay zones. The initial indications are that on the fourth well, two significant pay zones were intersected which total approximately 34 feet of hydrocarbon pay. In addition, there may be several other smaller pay zones.
Because of the success of this drilling program, there may be the potential for one or more offset wells in which Delta would participate. Delta owns a 5% working interest in the wells covered by this drilling program and has fully paid the costs associated with this program.
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