Petroleum Communication Holdings Develops Oil Field
Petroleum Communication Holdings says that it is moving aggressively to develop its oil holdings. In anticipation of closing on this oil field purchase in the next few days and following the excellent oil indications from Thronburg Well No.-1 at Thronburg Ranch Oil & Gas Field, Hot Springs County, Wyoming, the company has authorized the immediate survey and permitting for drilling of Thronburg Oil Well No.-2. Drilling is expected to commence within ninety days and will be under the direction of Mr. Charles Laser. Mr. Laser is currently at the Site of Thronburg Well Number 2 and is personally directing the necessary survey, insurance and applications to expedite and optimize the drilling operation. Rigs for the drilling program have already been committed and are now being scheduled in anticipation of the issuance of the permit. Thronburg Well #2 will be drilled to a depth of approximately 4,000. PCH intends to finance the drilling program budget for Thronburg #2, approximately $1,000,000 through the exercise of warrants or the forward sale of future contracts or options on its other oil and gas properties.
Mr. Charles Laser, former President of the private company that formerly managed Landsat Satellite Imaging, made the discovery of the Thronburg Oil and Gas Field. Landsat products are used on a regular basis, to conduct geological surveys for oil, gas and minerals. According to Laser, the Thronburg Ranch, comprising of 1,000 acres, is a likely substantial oil discovery. Well No.-1 drilled on the low portion of the anticline encountered excellent oil indications below the oil water contact. This means that a very substantial amount of hydrocarbons exist under the Thronburg Ranch, which could exceed 10 million barrels of oil.
The No.-l Thronburg well was drilled to evaluate a prospective
fault trap interpreted from photo-geology and surface mapping. The
following information is extracted from an engineering report made
by Mr. George J. (Joe) Kirn, #5588, member of the American Association of Petroleum Geologists, and a registered professional geologist in the state of Wyoming #PG 2710 regarding Thronburg Oil Well Number 1: The well was located in the proximity of the up dip bounding fault on the southwestern side of the prospective fault closure. The well encountered excellent indications of live oil in all porous intervals of the phosphoria formation. Two intervals
were perforated. The uppermost interval produced sulfur
water with a slight rainbow of oil and a lower interval produced some black, tarry, heavy oil. The combination of very good oil indications and recovery of water indicates that the well is structurally down-dip from the oil-water contact. The oil productive area of the prospect will be at a structurally higher position above the oil-water contact, perhaps only 50-100 ft. higher that the No. 1 Thronburg. Thronburg Ranch is located on the south flank of
the Big Horn Basin in Township 8, North, Range 4 East, Wind
River Survey, approximately 10 miles from Thermopolis, Wyoming. The nearest oil production is at King Dome approximately 6 miles North and
at Hamilton Dome, located 9.5 miles to the Northwest.
- Petroleum Communication Holdings Develops Oil Field (Oct 21)