LONDON, July 31, 2014 /PRNewswire/ --
Ticker: DVN, CVX, BHI, PXD
One small independent oil and gas producer is seeking to build
on its recent successes in the Permian Basin.
Crude Energy recently announced its plans to drill a well at its
White Wolf Prospect, a project that is located near Midland, TX. The company, based in
Dallas, is not publicly traded,
but is soliciting high-level investment from accredited investors
who are seeking a position in the Permian.
Crude's 640-acre White Wolf Prospect will target the Wolfcamp
section, one of the most underrated shale formations in
the United States. The drilling
will reach a total depth of 9,220 feet, but the Wolfcamp ranges
from 5,770 feet down to 7,300 feet.
Although Wolfcamp is the primary target, the company has
secondary objectives in the Cisco/Canyon Sand Series at 7,300 feet,
the Strawn Lime section at 7,900 feet, the Mississippian at 8,400
feet, the Fusselman at 8,700 feet, the Montoya at 8,800 feet, and
finally the Ellenburger at 9,170 feet.
Oil rigs are now flocking to West
Texas to take advantage of the vast oil reserves beneath. In
the first five months of the year, more than 50% of newly added oil
rigs were put into operation in the Permian basin.
The Permian Basin is now officially the most productive oil
producing basin in the United
States, with total production surpassing 1.6 million barrels
per day in June 2014. That is nearly
double the 850,000 barrels per day produced in 2007. Along with the
Sprayberry shale, the Wolfcamp is the principle reason why the
basin as a whole is experiencing such dramatic growth.
Crude Energy has prime acreage in the basin, having acquired
over 3,000 acres in the Wolfcamp back in April 2014. But they are not alone - other
producers such as Devon Energy, Pioneer Natural Resources and
Chevron are also leading the pack.
Drilling the White Wolf Prospect will begin in August, and Crude
Energy expects to complete the operation in October.
Oilprice.com
SOURCE Oilprice.com