gladiola prospect lea county, new mexicomidcongeo.com/2015_07 south gladiola prospect.pdf ·...
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GLADIOLA PROSPECTLEA COUNTY, NEW MEXICO
GLADIOLA PROSPECTLEA COUNTY, NEW MEXICOLEASE ACREAGE AVAILABLE: 320SEISMIC IDENTIFIED MULTIPAY FEATUREWOLFCAMP - ABO / PENN / DEVONIANOPERATOR: SOJOURNERALL COSTS THRU 1/3 FOR 1/4 TOCASING POINT FIRST WELLAFE DRILL 1.6MM
COMP 1MMTD 12,500'
COCHRANHOCKLEY LUBBOCKCROSBY
DICKENS KING
YOAKUM TERRY
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STONEWALL
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GLADIOLA
1
4
5 6
7
8
9
10
1112
18 1713 15161416 1518 17
19 20 21 2220 21 22 23 24
19
30 29 28 2727 26 252829
30
32 33 343132 33
31
34 35 36
4 352 1 66 35 4
8 9 1077 9 10 11 128
18 17 1516
18
15 14 1317 16
20 21
19
1924 2220 21 22 23
28 2730 29 25 30 2927 2628
L e aL e aC o u n t yC o u n t y
12S 38E12S 37E
13S 38E13S 37E
N e wN e wM e x i c oM e x i c o
0 3,000 6,000 9,000 12,000 15,000 18,0001,500Feet
1:52,1091 inch = 4,342 feet
Legend= Location (Permit)
8 Drilling in Progress
! Oil Well
È Gas Well
1 Oil & Gas Well
µ Dry w/Oil Shows
+ Dry w/Gas Shows
0 Dry w/Oil & Gas Shows
ª Dry Hole
1̧ Injection
Q Suspended
, Plugged Gas Well
9 Plugged Oil Well
2 Plugged Oil & Gas Well
D Abandoned Location
Ä Unclassified, Co2, etc.
! UNKNOWN
! PERMIAN
! LEONARD
! WOLFCAMP
! PENNSYLVANIAN
! MISSISSIPPIAN
! DEVONIAN
! SILURIAN
! ORDOVICIAN +
, Spud Since Jan. 2014
= Permit Since Jan. 2014
r
South Gladiola Prospect Lea County, New Mexico
GEOLOGY
12,250’ Proposed TD
The Gladiola South prospect is a multi‐pay prospect targeting the Devonian, Atoka/Penn sands, and Wolfcamp/Abo
Carbonate. The primary target, the karsted Devonian has been a very prolific oil producer in the area with several
wells potentialing at over 700 BOPD and cumulatives of over 1 million barrels of oil per well. The Gladiola South
prospect is located in sections 1 and 2 of T13S R37E, approximately 1.5 miles south of the Southwest Gladiola field
which has produced 4.2 MMBOe from the Devonian(9 wells), 477 MBOE from the Penn Sand(5 wells) and 1.58
MMBOE from the Wolcamp/Abo carbonate(6 wells).
Devonian
The Devonian is unconformably overlain by the Woodford Shale and is comprised of highly leached and karsted
dolomite. Porosity and permeability are encountered on and off structure in the area, with the on‐structure wells
drill stem testing very large volumes of oil and off structure wells drill stem testing very large volumes of water.
The prospect is seismic identified; four way trap on the top of the Devonian with 60 feet of structural closure. It
is important to note that every structure lying within this seismic interpreted area that has been drilled (albeit
drilled before the shooting of the seismic), has been a prolific oil producer from the Devonian.
Although the prospect is 70 acres, it is a very similar size and relief as the Stallion field, which has produced over
730 MBOE from 2 wells (90% form the higher well). Because of its proximity to Stallion field and structural/size
similarity, we are projecting the Southwest Gladiola prospect to produce 500,000‐ 700,000 BOE from the Siluro
Devonian.
Atoka/Penn Sands
The Atoka/Penn sands produce on the Southwest Gladiola structure and made 477 MBOE. These sands are seen
in an offset well and should be productive on the prospect structure with reserves estimated at 100 MBOE.
Wolfcamp/Abo Carbonate
The Wolfcamp/Abo carbonate produces from dolomitized “patch reefs” of the Lower Wolfcamp on structure in the
area with the Southwest Gladiola Field Wolfcamp producing 1.58 MMBOE. The Wolfcamp/Abo should be
productive on the prospect structure with reserves estimated at 125 MBOE.
Subject to Prior Sale.
South Gladiola ProspectLea County, New Mexico
Prospect Summary
Upon execution of a Participation Agreement, Participant will pay its proportionateshare of the sum of Four Hundred Forty‐Nine Thousand and no/100 Dollars($449,000.00) for land and seismic costs and Fifty Thousand and no/100 Dollars($50,000.00) for G&G cost for a total of Four Hundred Ninety‐Nine Thousand andno/100 Dollars ($499,000.00). This sum includes costs to date for acreage acquisition,Drilling Title Opinion and title curative, and hearings at the New Mexico Oil ConservationDivision.
Participant will pay third for a quarter on all costs described above and drillingcosts to casing point on the first well.
The leases will be assigned to Participant at a seventy‐five percent (75%) netrevenue.
Operator will be Sojourner Drilling Corporation and will operate under an AAPL 1989Form Operating Agreement.
This prospect is subject to prior sale and/or withdrawal without notice.
For Project Details contact:
Sojourner Drilling Corporation Mid‐Continent Geological, Inc.
William Sojourner Jerry S. Stokes
Office (325) 672‐2832 Office (817) 236‐2877
Cell (817) 925‐5436
E‐mail [email protected] E‐mail [email protected]
http://sojodrilling.com http://midcongeo.com
SOJOURNER DRILLING CORPORATION
Authority for Expenditure - Office Copy
�:::ription 11-----------�-11 Depth . 12,300
Stage 1 Description
INTANGBLE DRILLING COSTS
7202 DRILLING - DAYWORK
7206 RIG MOBILIZATION
7208 RIG FUELNVATER
DRILLING SUPERVISION
7210 DRILLING PERMIT
7211 DRILL BITS
7212 SURFACE DAMAGES
7214 LOCATION, ROADS, PITS
7216 DRILLING MUD
7220 DRILLING WATER
RENTAL, HOUSING,SEWAGE, etc
7222 WATER LINE/PUMP RENTAL
7226 CEMENT SURFACE CASING
7230 DRILL STEM TESTING
7232 GEOLOGICAL SERVICES
7236 LOGGING Halliburton
7238 MUD LOGGING
7240 EQUIPMENT RENTALS
7241 WELDING/CONTRACT LABOR
7244 DOZER-PULL TRUCK/EQUIPMENT
7246 TRASH TRAILER/PORT A JON RENT AL
7248 ADMINISTRATIVE OVERHEAD
CASING CREW/LAYDOWN
CLOSED LOOP/HAUL OFF
7250 INSURANCE
7252 PLUGGING
7298 CONTINGENCY
Total - INTANGBLE DRILLING COSTS
LEASE & WELL EQUIPMENT
7515 SURFACE CASING
INTERMEDIATE CASING
Property# O Property Desc #1 Kinsolving
County/State Lea Co/New Mexico
Drilling
28 days@ $12500/day 350,000.00
50,000.00
84,000.00
28,000.00 5,000.00
60,000.00
20,000.00
58,500.00
50,000.00
25,000.00
9,000.00
10,000.00
30,000.00
50,000.00
5,000.00
21,000.00
20,000.00
10,000.00
3,000.00
5,000.00
2,000.00
20,000.00
12,750.00
60,000.00
22,000.00
101,025.00 1, 111,275.00
19,300.00
78,200.00
7540 CASING HEAD & FITTINGS
7610 CONTINGENCY
Total - LEASE & WELL EQUIPMENT
TOTAL Drilling
Stage 2 Description 7300 DAYWORK - RUN CASING & CEMENT
7301 COMPLETION UNIT
BITS
7302 REVERSE UNIT RENTAL
7305 EQUIPMENT & TOOL RENTAL
7308 LOGGING AND PERFORATING
7310 CEMENT PRODUCTION CASING
7311 FRESH WATER (KCL)
7316 ACIDIZE
7317 FRAC TREATMENT
7321 DOZER/TRUCKING
7324 SUPERVISION - COMPLETION
7326 RESTORE LOCATION
COMMUNICATIONS
7341 WELDING\CONTRACT LABOR
7348 COMPLETION OVERHEAD
7399 CONTINGENCY
Total - INTANGBLE DRILLING COSTS
LEASE & WELL EQUIPMENT
7510 SAFETY ANCHORS
7525 PRODUCTION CASING
7530 TUBING
INSPECTIONS/CASING CREW
PIPELINE
7542 TUBING HEAD
7550 RODS
7555 BOTTOM HOLE PUMP
7570 PUMPING UNIT
7580 TANK BATTERY
7581 BATTERY SITE/HOOKUP
7582 ELECTRICAL HOOKUP
7585 HEATER/SEPARATOR
7610 CONTINGENCY
Total - LEASE & WELL EQUIPMENT
TOTAL Completion
TOTAL COMPLETED WELL COST
8,900.00
5,320.00
111,720.00
1,222,995.ool
25,000.00
40,000.00
1,500.00
8,000.00
3,000.00
8,000.00
45,000.00
8,000.00
10,000.00
65,000.00
5,000.00
10,000.00
6,500.00
7,000.00
2,500.00
10,000.00
25,450.00
279,950.00
1,200.00
159,900.00
61,800.00
12,250.00
26,000.00
7, 100.00
70,000.00
10,000.00
90,000.00
30,000.00
23,000.00
50,000.00
19,000.00
28,013.00
588,263.00
868,213.00!
2,091,208.00!
DATUM: TOP- Atoka/Penn Sand
Structural Cross-Section D-D'
APPROXIMATE WOLFCAMP
MIDCON LINE 1 - 2014 W E PROSPECT ACREAGE
DEVONIAN