ABC PROJECT - SHALLOW OIL
ABC project is located in the State of Kansas (USA), Miami County, identified by the following cadastral positions:
Township 17 South, Range 22 East, Section 22 : E ½ SW ¼ E ½ and it has a total of 400 acres. The Potential of Movable Oil Reserves is roughly estimated to be 1,200,000 stb.
The goal on this property it is drill up to 160 producer wells and 80 injection wells over the next two years. Production began in 2012 and the first phase of 30 wells experienced a 100% success rate through Q1 of 2013.
The first years production is growing steadily step by step and through the use of modern technologies in oil drilling we were able to reach approximately 1 barrel a day production, per well. This is consistent with the shallow oil field production in the Southeastern section of Kansas, which is the 8th largest oil producing state in the USA.
Oil extracted is sold to Pacer Energy, a local oil services company which picks up the oil and sells it to the refinery. Pacer pays EGO the average months NYMEX price minus eight dollars.