Petro River Oil Corp. said May 8 it struck a new oilfield discovery in the company's 106,500-acre concession in Osage County, Okla., following the successful drilling of the Chat 2-11 exploration well.
The Chat 2-11 was drilled to a depth of 2,800 ft into the Mississippian Chat. Initial results indicate up to 20 ft of oil productive formation, according to the company release.
Following flow and fracking tests, Petro River said it plans to confirm IP rates. Additional wells are being planned to evaluate the extent of this chat field discovery.
In addition, Petro River said its planning to drill the Channel 1-3 to test a Red Fork channel sand and the Chat 1-30 to test a separate chat field. These structures were identified utilizing 3-D seismic technology, indicating a potential of more than 2.5 million barrels of oil.
“This discovery confirms that our exploration technique utilizing 3-D seismic is working,” Stephen Brunner, president of Petro River, said in a statement. “We plan to spud two other wells, the Channel 1-3 based on the data from logs of the Channel 1-11 which found approximately 45 feet of tight non-productive Red Fork sand, and the Chat 1-30 a separate chat structure test. Also, we plan to shoot more seismic along the southern part of our concession later this year.”
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The drilling campaign is estimated to cost about US$1.2 billion.