|By PR Newswire||
|January 7, 2014 06:00 PM EST||
HOUSTON, Jan. 7, 2014 /PRNewswire/ -- Fossil Oil Company, LLC finalized negotiations with Ranken Energy Corporation of Edmond, Oklahoma, the Operator, for the right to participate in any and all oil & natural gas drilling prospects generated from this exciting brand new state-of-the-art 3D seismic data in McClain County, Oklahoma.
The thirty-four (34) sections have never had 3D seismic shot over this extensive acreage which immediately affords Fossil Oil more than twenty-one (21) exclusive high quality Basal Oil Creek Sand drillable locations within mature trends where risk is minimal.
"Potentially millions of barrels of recoverable oil and natural gas could be produced from most of this undrilled acreage within the Pauls Valley Uplift geological trend," Fossil's President, Dennis R. Kittler, reported.
Fossil Oil plans to form a series of Joint Ventures for qualified Investors to participate in drilling these multiple pay formation wells consisting of the prolific Basal Oil Creek Sand found between 7,000' – 10,000' below ground surface. There are also nine (9) other potentially productive groups in the Pauls Valley uplift consisting of the Arbuckle, Simpson, Viola, Sylvan Shale, Hunton, Woodford shale, the Deese, Hoxbar and Pontotoc Groups. Within those productive groups, independent geological consultants have confirmed the presence of significant subsurface oil and gas trapping structures. Utilizing today's advanced drilling technology; the drill bit can be directed to encounter these traps at the highest and most productive position to maximize hydrocarbon production.
Currently, Fossil Oil is completing the first well (JV-I) drilled in December and just commenced drilling the second well (JV-II), with a third well (JV-III) now seeking Investors to fund the project scheduled to be drilled in early February, 2014.
To find out more information on Fossil Oil Company, LLC, visit www.fossiloil.com or contact Fossil at 1-877-822-5802.
Lisa Kittler, Client and Public Relations
[email protected] or 713-978-7986
SOURCE Fossil Oil Company, LLC
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