Fairhope, AL – According to recent study by the International Energy Agency, the U.S. will overtake Saudi Arabia as the world's number one oil producer by 2020. While the methods and technology used to produce oil have advanced considerably in recent years, identifying sources of oil is still grounded in the fundamentals of prospecting.
Rick Fletcher is the founder of Fletcher Petroleum, a burgeoning new oil and gas exploration firm with several promising wells currently in production. Fletcher literally struck oil in 2010 when his 27 years of experience in the petroleum services industry culminated in the purchase of a well in Little Cedar Creek, Alabama. That well has since been estimated to contain approximately $300 million in oil reserves with the capacity to produce 800 barrels each day.
And it’s only the beginning. The company has since drilled five more wells, with plans to expand to 20 wells following the recent acquisition of 12,000 acres in Mississippi.
“I decided it was time I ran things for myself,” recalls Fletcher. “I knew how I optimized for everyone else. Once I had the money to do it, I resolved to do it for myself. The rest is history and we’re growing at an incredibly rapid pace.”
A production foreman earning the prevailing wage, a shrewd investment in his friend’s company Athabasca Oil Sands yielded a return of $4 million, providing Fletcher with the necessary capital to purchase his first well in Alabama.
“As soon as I looked at this well, I saw the potential,” says Fletcher. “I could tell it was loaded up with oil. We bought it immediately and I proceeded to do what I do best: optimize.”
The well was pinched back, choked off by a valve holding 500 lbs. back pressure. Fletcher opened the valve and dropped the pressure down to 200 lbs., which increased the flow rate to 400 barrels a day.
“I could never have done this without the expertise I’ve amassed over the years. You need the ability to identify a well’s potential; that’s why it’s called prospecting,” says Fletcher.
Modern technology has allowed companies like Fletcher Petroleum to maximize wells for more in-flow. The company has since ventured into horizontal drilling and anticipates its wells will produce extremely large quantities in multiple zones.
“There’s a lot of opportunity in the US right now,” says Fletcher. “There’s a lot of open land and data to help us identify successful prospects in the US.”
Close-Up Talk Radio will feature Rick Fletcher in an eight-part interview with Doug Llewelyn on December 3rd at 3pm; December 10th, December 17th and December 24th at 2pm, and with Jim Masters on January 4th, January 11th, January 18th, and January 25th at 9:30pm EST.
Listen to the show www.blogtalkradio.com/closeuptalkradio. If you have a question for our guest, call (347) 996-3389.
