OZONA, Texas - August 20, 2020 - (Newswire.com)
While working with a reputable geoscientist in the Permian Basin since 2018, Barron Petroleum and its CEO Manjit (Roger) Sahota have a reason to celebrate after coming across their biggest oil & gas discovery to date. According to the geoscientist, William J. Purves, “the 13,000-acre field in Val Verde County is estimated to hold 417 billion cubic feet, or 74.2 million barrels in oil & gas reserves.”
Albert G. McDaniel, a petroleum engineer based in Fort Worth, completed his evaluation on William J. Purves’ 3D seismic analysis and concluded “that the project is now so low-risk that it more resembles that of a development project than an exploration venture.”
The Sahota Carson 20BU #1 was drilled with a company rig to a total depth of 12,650 feet. Approximately 70 feet of gas-bearing Strawn porosity was encountered. The discovery is located approximately six miles southwest of the Massie (Strawn) Field that has produced over 157 BCF.
Following stimulation, the well tested at rates up to 5 MMCFG per day. Barron Petroleum has a 100% Working Interest in the prospect.
Barron presently holds development rights to over 13,000 acres over the prospect, which was developed with the use of a 3D seismic survey. The company has identified 67 high-graded Strawn formation locations and is refining future location placement based on results of the first well. Barron Petroleum is also contemplating testing and potential development in the Canyon formation at an approximate depth of 9,000 feet and Ellenburger at about 16,000 feet depth.
“We are thrilled with the successful results from this well which proves our geologic model. We are currently evaluating means to further enhance location selection and well performance. The company intends to continue our drilling program, encouraged by the recent strengthening in natural gas prices,” said Manjit (Roger) Sahota, President and CEO of Barron Petroleum.
Sahota continued, “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. Our company has a significant cost advantage since we internally source many well construction services. We are proud of our low-cost operating structure. This discovery is also near existing infrastructure, which avoids the extreme Waha hub gas price variability.”
CONTACT:
Barron Petroleum LLC
Roger Sahota - President & CEO
Direct: 214-778-8968
Email: roger@barronpetroleum.com
Press Release Service by Newswire.com
Original Source: Barron Petroleum Announces Major New Permian Basin Discovery
