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Falcon Crest Energy (
OTC: FCEN) a development stage oil and gas exploration and production company focused on developing properties in North America. The company plans to minimize the risk of exploration through development of proved petroleum reserves, and expects to maximize profit through strategic acquisition and liquidation of selected oil and gas properties.
In the company’s news,
Falcon Crest Energy, through its working interest in the Rocky Ford Field region of Wyoming, is exploring and developing a plan to maximize profits as the worldwide oil market experiences slumping costs. Expensive production methods, including horizontal drilling techniques and fracking, have put major oil companies in a difficult position as oil prices approach $50 per barrel, but Falcon Crest is optimistic about the future development of its leasehold in Crook County, Wyoming.
“What makes this play particularly attractive is that the drilling depths on this play are shallow,” stated Patrick Johnson, CEO of Falcon Crest. The company has predicted that, even at $50 oil prices, the area’s shallow reserves make profitability a distinct probability.
According to a report from Oil and Gas Monitor, the costs associated with producing oil from shale plays or fracking are much higher than those required to develop a conventional well for a variety of reasons. The simple explanation, however, is that deeper wells are significantly more expensive to drill. Falcon Crest’s leasehold has plays at depths of less than 300 meters, making development and oil production a much less costly endeavor.
The price of oil has been on a steady decline in recent months, as supplies have exceeded demand in many markets around the globe. As prices reach record lows, conventional non-shale, non-fracking plays are expected to make a major comeback as companies scramble to meet requisite production cost goals. Through its working interest in Crook County, Wyoming, Falcon Crest has positioned itself well to capitalize on the possible evolution of global oil production methods.
Unlike other areas, such as the Bakken formation, which has been home to a production boom for over a decade, the company’s leasehold provides the potential for profitability despite slumping costs. “[We] believe the markets will soon be turning to these kinds of conventional non-shale, non-fracking opportunities,” Johnson continued.
If industry analysts are correct and the global oil production market does take a turn back towards conventional drilling methods in order to cut costs, Falcon Crest will be in a great position to capitalize through the development of the company’s recently announced 100 percent working interest in its Wyoming leasehold.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
