Subject: oil just hit record high , profit from delek - dlkr . ob
oil for america has been successful in locating the reefs
33 out of 33 times !
breaking news !
press release
delek to acquire oil producing properties
wednesday june 22 , 9 : 56 am et
click here for full release delek ' s main project involves exploring for the mississippian aged lodgepole carbonate build - ups in the williston basin of montana and north dakota , as well as the hardeman basin in west texas . a new exploration technique is being applied to this play , which has proven succesfull . the lodgepole limestone was deposited in a very shallow ancestral williston basin . the carbonate formation was developed as thousands of small , circular limestone build - ups , or reefs . the average distribution of the build - ups is about 4 reefs per square - mile section . the lodgepole reefs were deposited within a fairway a thousand miles long and thirty miles wide on the shelf of the williston basin . the reservoirs in the williston basin may produce as much as 2 , 000 barrels per day ( bopd ) at depths of 7 , 500 to 9 , 500 feet . the most prolific reefs have each produced as much as 4 , 000 , 000 barrels of light , sweet oil .
the lodgepole reefs are visible in surface outcrop in the far western part of the williston basin . this allows the sense of scale and geometry of the reefs can be observed first hand . delek resource ' s technology partner in this play is a company named oil for america ( ofa ) . ofa has applied a proprietary photo - analytical program known as all remote sensing analysis . this analysis detects the location of waulsortian reef cores . this program produces well - defined images that correlate with the oil producing wells .
oil for america ' s first partner , conoco who was the major player in the lodgepole reef play , stated that the lodgepole reefs are the most economic production it has anywhere in the world . the average well in the united states produces a few barrels per day . each one of these lodgepole wells is so prolific that it amounts to a thousand of those wells .
because each well may produce 2000 bod and 4 , 000 , 000 bo cumulatively from a single well - bore , well in excess $ 100 , 000 , 000 of revenue may be generated from a well in a relatively brief period of production .
the potential for significant new discoveries in the williston basin began in february 1993 . from a wildcat well near dickinson , north dakota , conoco tested a heretofore non - productive interval in the lodgepole limestone . the carbonate zone had good porosity and gas shows , so after failing to find pay in their deeper objectives , a production test was reluctantly taken at 9 , 721 - 9 , 850 feet . the discovery well , dickinson lodgepole unit # 74 , initially produced at a rate of 419 bopd . the well has produced nearly 2 million barrels of 41 . 4 api gravity sweet crude oil and 1 . 2 bcf of natural gas to date . this discovery ignited a frantic race between 1993 and 1997 where major and independent oil companies attempted to develop and expand the lodgepole find using conventional 2 - d and 3 d seismic programs . the best wells flowed up to an allowable rate of 2 , 000 bopd . the conoco dickinson lodgepole # 75 is the single most productive well , having produced 4 , 000 , 000 barrels of oil and nearly 2 bcf of gas since september 1993 . this well still produces thousands of barrels a month after more than nine years of production . during this time , the lodgepole reef play became the largest onshore play in america .
this success , however , was not without failure . the ability to seismically delineate discrete reefs has been very difficult and misleading . the geophysical characteristics of the lodgepole limestone are nearly identical with the overlying carbonate beds . this creates very poor acoustic contrast between the formations , so seismic differentiation between the formations is difficult . as a result , by 1996 the search for additional lodgepole reefs had stalled .
the play was recently revitalized when continental resources made another accidental discovery in december 2000 in valley county , montana , 155 miles northwest of dickinson , north dakota . in this area the lodgepole reefs are shallower at 7 , 200 feet . this reef initially produced at 2 , 000 barrels per day , but has now begun producing water . it appears that the well was drilled on the flank of a reef , close to water . the discovery dramatically increases the exploratory opportunities for future discoveries in the lodgepole .
oil for america has been successful in locating the reefs 33 out of 33 times ! , and has now begun using another technology to differentiate reefs that show signs of hydrocarbons , as to minimize the possibility of drilling a reef that would be a dry hole , and is confident that the three technologies applied overall makes the chances of drilling a successful producing reef excellent . using these technologies delek will drill those targets in the williston basin .
delek intends to raise money , and acquire producing properties in the near term . the properties would complement the exploration as it will be in the same areas as the exploration the company is pursuing .
symbol : dlkr . ob
keep an eye out for more upcoming
breakings news !
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