Gas injection specialist PetroTech Oil and Gas, Inc. (PTOG) said it is moving rigs onto its new Nowata lease in Oklahoma. It will start testing and swabbing on the first of the five wells, along with evaluation of production levels based on the results.
The company uses enhanced oil recovery techniques, including a patented gas injection system.
“We are excited about moving this project ahead of schedule to bring production in before the end of year; we expect immediate results on the reworked wells. We will complete testing an in the Mississippi and Woodford zones. These wells could initial flow 50 to 60 barrels a day with at least 6 drilling locations spotted on our lease. We will post the results of tests next week and expect that the minimum oil produced from existing wells to be 20 barrels a day with another 300mcf of gas a day,” according to Eddie Schilb, president of PetroTech.
The new lease is located in Nowata County, Oklahoma, on the Northeastern edge of the Northeast Oklahoma Shelf, which has proven to be prolific in coal bed methane gas since it was developed beginning in the early 1990’s.
PetroTech’s acreage in Northeast Oklahoma is sounded by leases operated by major operators including Newfield Exploration, Mid-Continent, Inc. (NYSE:NFX), Energy Quest Resources and Endeavor Energy. Drilling in the area started in the early 1900’s, the company said.
“The key to success in this area of Oklahoma is optimizing production from the many hydrocarbon-bearing zones, which includes the coal seams. With most wells encountering about a dozen zones that have known production in this area, the drilling risk is extremely low. Having this serendipity also extends the production life of wells from 10-12 years to 15-20 years,” the company said.