Lee County
| WI (operator): | 52% Buccaneer (operator) |  |
| Location: | Onshore, south-eastern Texas | |
| Water Depth: | N/A | |
| Reserves (net): | N/A | |
| Upside: | 3.28 mmbo + 7.9 bcf | |
| Engineer: | N/A | |
| Production: | Historical production in adjacent leases suggest 100 - 750 BOPD initial production rates | |
| Work Plan: | 1-2 wells planned late 2009 (will twin a well drilled in 1940s that flowed at 10.8 mmcfd) | |
| In General: | Low-cost, high impact oil and gas project, onshore south-eastern Texas; > 2,500 acres leased; independent geologist states the project has the potential to be 'company maker' Wells drilled in the 1940's recovered both oil and gas in DSTs, Cores and Pipe tests. | |
| Operational Simplicity ('drill-ready', rapid develop.): | Prior production: A previous well flowed at 10.8 mmcfgd gas on a 24 hour test and was shut-in due to lack of gas market at the time. Significant volumes of oil were recovered in the drill string while performing Drill Stem Tests (DST's). Buccaneer's first well will 'twin' a well drilled in 1947. Infrastructure: Low-cost project - ~ $1.2 MM per well for drilling and completion. Identified targets: Buccaneer has obtained and reprocessed seismic and confirmed recent successful activity in shallow Austin Chalk wells in the Lee Country trend. Simple working environment |
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| Technical Soundness: | Lies in the prolific upper Gulf Coast area containing the same prospective sedimentary section that has produced 1 billion bbl oil and 10 tcf gas; the prospect is also also ~25 mi. up-dip from the giant Giddings Field that has produced ~ 750 mmbbl oil and ~ 4.8 tcf gas from the Austin Chalk. Seismic and well mapping both confirm that the current acreage is in a strong trapping position. | |
| Multiple Pays: | Recent Log reinterpretation indicates multiple hydrocarbon bearing zones with over 350 feet of potential reservoir thickness between 5500 and 8500 feet. The resource potential of the initial well is expected to be 1-2 mmcf gas and 100-150,000 bbl oil. An independent expert estimated that the play potential ranged between a p90 (90% chance) of having 20 bcfe and a p10 (10% chance) of having 185 bcfe. | |
Current Projects
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Pompano
Low-risk, low-cost, rapid turn-around gas and condensate redevelopment, extension and exploration project with PUDs
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Lee County
Low-cost, high impact oil and gas project, onshore south-eastern Texas; > 2,500 acres leased; independent geologist states
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Ruby
Ruby is a Miocene field extension with proven gas and condensate objectives. The field has already produced 1.1 tcfe
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