Petrodyne Boosts Acreage in Booming Mississippian Oil Play
Petrodyne Resources, an independent domestic onshore oil company, has acquired additional PUD acreage in the core of the Mississippi Lime Horizontal Oil Play in Northwest Oklahoma.
Petrodyne’s Mississippian Tier-1 (core fairway) acreage position consists primarily of proved, de-risked, non-operated working interest and overriding royalty interests across northwestern Oklahoma and southern Kansas.
The Mississippian play encompasses ~17 million prospective acres across Oklahoma and Kansas and is present at a relatively shallow depth of 4,000 to 6,000 feet. The targeted play is a carbonate that was deposited 325 million years ago and has an average pay-zone thickness of 300 feet. The source rock for the Mississippian is the Woodford Shale, which lies just underneath the play. Classified as a mature, shallow marine shelf carbonate, the Mississippian is a blanket reservoir and a proven and prolific commercial hydrocarbon system that has produced billions of barrels equivalent of reserves from thousands of vertical wells over the last 50 years.
"The rig counts across the Miss Lime Play keep going up every week and it's turning out to be the most aggressively drilled play in the country. We think the economics are favorable with EURs trending toward 500 Mboe per well; it's a blanket play and a mature proven oil producing reservoir so, in our opinion there's nominal risk of occurrence," said Petrodyne's managing partner, Justin Vakilzadeh. "Backed up with over 500 horizontal wells being drilled so far and no reports, that I know of, of any being dry holes, we feel the Mississippian is quickly becoming one of the hottest onshore oil plays in the country and so we're going keep adding strategic acreage and ramp up our presence."
Petrodyne is an independent domestic onshore oil company with assets located in Oklahoma and Kansas. The company's primary business is to aggressively acquire, explore, develop, produce and market oil properties onshore in the United States. For more information, please visit our website or contact Investor Relations.
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