Liberty Energy Secures Acreage in Tx. Lease
Liberty Energy Corp. has recently secured an average 97.9 percent working interest on over 626 acres in Caldwell, Texas.
The Company intends to target 3 main pay zones: the Dale Lime, Austin Chalk and Edwards. New field discoveries based on logged but undeveloped shows are also possible in the Salt Flat and Dale Lime fields. With the application of acid/fracture jobs and/or 'far-out perforating' it is believed that the Company could be able to increase production and possibly access undeveloped reservoirs that could produce at significantly higher daily rates and overall total production.
Typically there is between 2 and 160 acre spacing for well bores in this region. There are currently 385 operators (including Eagle Ford Oil Co., Inc., Luling O&G LLC and Texas Petroleum Investment Co.) and nearly 9,000 wells in Caldwell County. The Salt Flat oil field, (where the Company's 106 acre lease lies) in Caldwell County, is on a fault structure about 20 miles southeast of the main Balcones fault. The area is drained by the San Marcos River, and the main producing formation is the Edwards limestone of the Comanchean Cretaceous. The field is 7.5 miles long and averages about 0.5 mile wide. To date the field has produced over 34 million barrels of oil from a total of around 350 wells. It is further estimated that ultimate recovery will be approximately 30,000 barrels of oil per acre.
There is an old assumption that only the top five (5) feet of the Edwards is productive. However, new field information suggests that there are different producing intervals in the Edwards formation. These intervals are not separated by the normal shale intervals found in other producing formations, but are rather separated by chert layers in the limestone of the Edwards which reduce the permeability to zero. This raises a number of possibilities and traps for production from lower zones in the Edwards.
The Dale conformably overlies the Austin Chalk and is considered to be part of the Austin Group. The Dale Limestone, recognized in the Travis volcanic field east of Austin, is associated more closely with individual volcanic mounds. Dale carbonates are at several stratigraphic horizons on the flanks of mounds, reflecting alternating conditions of volcanism and reef growth. The Dale has reported thicknesses of as much as 423 feet and a mean thickness of about 58 feet.
"We are pleased to announce even more acreage into our Caldwell County and Texas portfolio; we are currently in the process of determining how best to explore this exciting lease and will provide further updates as soon as possible," commented Ian Spowart, CEO of Liberty Energy Corp.