Project Overview: The Greater Joe Mill Project
Summary:
The Greater Joe Mill Project is located within the highly-prolific Permian Basin and on trend with the emerging Wolfberry trend currently being developed by industry. Current production from this region stands at over 153,000 barrels of oil per day, ranking it among the top oil producing regions in the U.S. The Company believes this project area has tremendous oil potential and drilling efforts by industry participants has accelerated in recent years as a result of new completion methods and advancement in completion technologies.
Prospect:
Project Statistics:
- Reserve life of 32 years *
- 25% working interest to Archer
- 145k BOE/well (est. by Joe C. Neal & Associates) on 40-acre spacing
- Primary objective is the Lower Spraberry Jo-Mill Formation, present at 6,500 ft.
- Multiple target objectives per well location
Geology:
The play area is located within the Midland Basin (part of the prolific Permian Basin of West Texas) and is comprised of turbidite deposits. These thin interbedded source and reservoir rocks combined with limey sand contribute to the plays low porosity (‾ 10%) and permeability, providing the ideal setting for the application of modern frac technologies to reservoirs that have historically not been developed by industry. There are four major reservoir systems feeding into the Spraberry/Wolfberry trend area and relatively consistent geology exits over a large geographic area. The play is productive between 6,000 feet to over 10,000 feet and the primary producing intervals are the Clearfork, Spraberry/Dean, Wolfcamp, and Strawn. Typical wells in the play produce ‾70% light sweet crude (42 degree API), 20% NGLs and 10% natural gas (1,400–1,500 BTU).