Strategic American Oil Commences Drilling at Koliba Prospect
Strategic American Oil announced that drilling operations have commenced on its Koliba prospect in Victoria County, Texas. The Company has retained a 16.33% carried working interest to casing point, 25% working interest after casing point. The combined leased acreage (Koliba-Linville) consists of 143 acres covering an anticipated anticlinal structure (target) offsetting production. The new well is a direct offset to the Murphy Baxter, Koliba #1 well which previously produced from the 5,880 feet (target) zone.
The Koliba prospect lies in the North McFaddin Field, which, according to Texas Railroad Commission maps and records, hosts 87 productive oil and gas zones. There are numerous key points that make the Koliba prospect particularly attractive to SGCA, including:
Multi-Pay Zones
The Company has identified three potential target zones at 5,880 feet, 5,350 feet and 4,930 feet under the Koliba lease.
Historic Production
Texas Railroad Commission records indicate seven wells from these three target zones produced 390,426 barrels of oil and 2,472,481 MCF (thousand cubic feet) of gas.
Strong Well Control
The Koliba prospect was evaluated by means of surrounding well control, adding confidence and lowering risk to the geologic interpretation. A minimum of 50 surrounding well bores and their associated well logs were used in developing the geologic interpretation. The prospect interpretation is both a structural and stratigraphic trap that includes a four-way closure.
Strategic American Oil Vice President of Operations Steven Carter, who has over 25 years of engineering experience in oil and gas exploration, production operations, reservoir management, and drilling, will operate the well through Carter E&P, LLC, a licensed and bonded operator in the State of Texas.
Strategic American Oil President and CEO Jeremy Driver said, "The start of drilling of the Koliba prospect is a great milestone for the Company. The Koliba is our first fully in-house developed prospect, which demonstrates we can execute our business plan of finding, acquiring and developing what we believe are low risk/high reward development projects utilizing a carried-interest model. Our goal is to increase production, cash-flow, and reserves. When we successfully execute this strategy and strengthen the fundamentals of the Company, the stock valuation will follow."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension