$800K IDC Writeoff, 200 bopd, 1mm field,, 5 mo PO
Business discovered a "Virgin Niagaran Reef" in Eaton County, Michigan using a horizontal wellbore. This 4 3/4" well drilled 533" of oil and gas pay. Upon completion of the well, it experienced a polymerization then cross linking of Polymer with Heavy Metals that the HCL freed up in the
well. Basicly it sealed the wellbore from the formation.
The newly discovered Eaton 35 reservior is a 110 acre anomaly via seismic, with 190’-200’ of vertical oil and gas pay. This 110 acre field has room for 3 development wells and represents 1MM Barrel of recoverable oil reserves. Our plan is to drill a Vertical Well through the reef exposing an approximately 200' oil and gas pay zone. IP 200 BOPD 200,000 barrels = 3 years 10X/5yrs 4 month payback
Besides this opportunity, business has an additional 20 Niagaran Reef prospect in the immediate area. Great 4-5 years development opportunity
Financials (USD)
Amount Sought $1,096,000
Type Sought Equity
Use of Proceeds Capital Expenditures
Deal Terms
Listed By Owner
Offering Memorandum Or Prospectus Available? Yes
Willing To Pay Finders Fee? Yes
Willing to Co-Broker? Available On Request
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