|By PR Newswire||
|July 31, 2014 10:01 AM EDT||
LONDON, July 31, 2014 /PRNewswire/ --
Ticker: DVN, CVX, BHI, PXD
One small independent oil and gas producer is seeking to build on its recent successes in the Permian Basin.
Crude Energy recently announced its plans to drill a well at its White Wolf Prospect, a project that is located near Midland, TX. The company, based in Dallas, is not publicly traded, but is soliciting high-level investment from accredited investors who are seeking a position in the Permian.
Crude's 640-acre White Wolf Prospect will target the Wolfcamp section, one of the most underrated shale formations in the United States. The drilling will reach a total depth of 9,220 feet, but the Wolfcamp ranges from 5,770 feet down to 7,300 feet.
Although Wolfcamp is the primary target, the company has secondary objectives in the Cisco/Canyon Sand Series at 7,300 feet, the Strawn Lime section at 7,900 feet, the Mississippian at 8,400 feet, the Fusselman at 8,700 feet, the Montoya at 8,800 feet, and finally the Ellenburger at 9,170 feet.
Oil rigs are now flocking to West Texas to take advantage of the vast oil reserves beneath. In the first five months of the year, more than 50% of newly added oil rigs were put into operation in the Permian basin.
The Permian Basin is now officially the most productive oil producing basin in the United States, with total production surpassing 1.6 million barrels per day in June 2014. That is nearly double the 850,000 barrels per day produced in 2007. Along with the Sprayberry shale, the Wolfcamp is the principle reason why the basin as a whole is experiencing such dramatic growth.
Crude Energy has prime acreage in the basin, having acquired over 3,000 acres in the Wolfcamp back in April 2014. But they are not alone - other producers such as Devon Energy, Pioneer Natural Resources and Chevron are also leading the pack.
Drilling the White Wolf Prospect will begin in August, and Crude Energy expects to complete the operation in October.
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