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.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Fifth Week in Six, Baker Hughes Says
2024-09-20 - U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week.
Western Haynesville Wildcats’ Output Up as Comstock Loosens Chokes
2024-09-19 - Comstock Resources reported this summer that it is gaining a better understanding of the formations’ pressure regime and how best to produce its “Waynesville” wells.
August Well Permits Rebound in August, led by the Permian Basin
2024-09-18 - Analysis by Evercore ISI shows approved well permits in the Permian Basin, Marcellus and Eagle Ford shales and the Bakken were up month-over-month and compared to 2023.
Kolibri Global Drills First Three SCOOP Wells in Tishomingo Field
2024-09-18 - Kolibri Global Energy reported drilling the three wells in an average 14 days, beating its estimated 20-day drilling schedule.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.