Barron Petroleum LLC said it has made a major discovery—a 13,000-acre field in Val Verde County, Texas, with an estimated 417 Bcf, or 74.2 MMbbl, of oil and gas reserves—in the Permian Basin.
The find, announced this week, marks the biggest to date for the company.
Drilled to a total depth of 12,650 feet about six miles southwest of the Massie (Strawn) Field, the Sahota Carson 20BU #1 hit about 70 feet of gas-bearing Strawn porosity, the company said in a news release.
“The project is now so low-risk that it more resembles that of a development project than an exploration venture,” Albert G. McDaniel, a petroleum engineer based in Fort Worth, said in the release.
His comments came after evaluating geoscientist William J. Purves’ 3-D seismic analysis of the discovery and resource estimations.
The company said it has identified 67 high-graded Strawn Formation locations and is considering testing and potential development in the Canyon Formation at a depth of about 9,000 feet and Ellenburger at a depth of about 16,000 feet.
“The company intends to continue our drilling program, encouraged by the recent strengthening in natural gas prices,” Barron Petroleum CEO Manjit (Roger) Sahota said in the release. “Our team is very ecstatic and the next step is to figure out how to develop the lease or get someone to join the venture with us.”
The Val Verde sub-basin is southeast of the Permian’s Midland sub-basin.
Pin Oak Energy Partners tacked on nearly 10,000 net acres to its Utica Shale position in the Appalachian Basin as part of a recent acquisition from EnCap-backed Protégé Energy.
Today’s featured Forty Under 40 honoree is Lindsey Walton, engineering VP at Native Exploration Holdings whose wide-ranging knowledge helped the Native team obtain a $200 million capital commitment in 2017.
Today’s featured Forty Under 40 honoree is John Argo, Continental Resources’ vice president of business development who has helped the Oklahoma City-based oil producer reduce its debt by more than $1 billion.