|PA 30-Well Drill Opp.|
This second-phase drilling project is located in Bradford/Foster Township McKean County, Pennsylvania. Seller currently looking for JV partners. Operator plans to drill an additional 30 shallow oil & gas wells on currently producing lease.
- Previous 100% drilling success rate on 45 productive shallow wells on same lease.
- Drilling anticipated starting no later than mid-June upon financing.
- High BTU gas quality (sells for 33% above normal going price).
- Existing wells on lease have produced in excess of 38,000 BO and 105,000 MCF of gas.
- 600+ acre lease.
- Target depth of 2,100’.
Located in the Bradford/Foster Township Mckean Counties of Pennsylvania, this field has been labeled by many as the first "Billion Barrel Oil Field." Shallow oil has been a regular occurance in this area as well, having been active for over a century. Multiple pay zones are also available in the area including: Dewdrop, Chipmunk, Harrisburg Run, and the Bradford (2 & 3). Seller also began drilling 45 wells on this existing lease in 2008 and since has enjoyed a 100% success rate. Starting in spring of 2009, these 45 wells have produced in excess of 38,000 BO and 105,000 MCFG.
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