would like to highlight Start Scientific, Inc.
), an oil extraction company backed by highly experienced leadership with strong industry knowledge to identify and acquire low-risk land lease opportunities on properties with known oil deposits, develop facilities on these properties to cost effectively extract the oil, and then distribute the refined oil for sale onto the open market.
In the company’s news,
Start Scientific is an oil and gas exploration, drilling, extraction and delivery company with a current portfolio of a total of four primary projects located in Mississippi, Texas, North Dakota and West Virginia. The company’s progression strategy is to advance these primary projects and utilize its more than 65 years of industry experience to seek out additional development opportunities that are overlooked by larger oil and gas companies.
Start Scientific’s interests include low-risk land and lease opportunities on properties with known oil deposits. The goal is to develop facilities on these properties and cost effectively extract the oil to be refined and sold in the open market. Start Scientific’s current endeavors include shallow, deep, and horizontal drilling opportunities, three of which are primary oil projects and one natural gas.
The first project, the Flora Field in Mississippi, was discovered in 1943 and has produced more than 7.6 million barrels of oil from the Selma Gas Rock Formation in the Anderson sand; five wells are currently producing approximately 30 barrels of oil per day. Based on the most recent drilling (1997), Start Scientific believes the remaining oil in the Anderson sand could be as much as 737,500 barrels of oil. Due to its lower permeability, the Chalk section of the Selma Gas Rock Formation as largely been overlooked; however, exploration data indicate the Chalk has enough permeability to be commercial. Start Scientific believes the Chalk has potential to produce 10-20 barrels of oil per day, per well, and could consist of as much as 2.2 barrels of oil net to the company under its current farm-out agreement.
In Texas, Start Scientific is focused on the Palacios Texas Field, a structure that covers approximately 5,000 acres on which shallow wells were drilled for more than 50 years. The structure has known hydrocarbons from near-to-surface to 16,600 feet and gas estimates of a trillion cubic feet with 30 million-50 million barrels of condensate. This is where the expertise of Start Scientific’s leadership team is vital; in the 80s, company management successfully drilled below 20,000 feet and produced wells with greater pressure. Start Scientific’s plan is to apply knowledge from that experience to its option agreement for 1,700 acres on top of the structure in Texas – the goal is to have 30 wells on the structure; 12 of which will be drilled to 17,000 feet and 18 drilled to 12,000 feet.
The company’s third project is in the Williston Basin in North Dakota where there are currently 208 active drilling rigs operating. The structure is a massive hydrocarbon “super basin” classified by the U.S. Geologic Survey as one of the world’s largest oil and gas prospects. The company believes that the Lodgepole Limestone Reef Play on this basin represents a superior exploration and drilling opportunity. The average Lodgepole Well production is more than 11.2 million barrels, easily exceeding the cumulative production of the Bakken Shale Well, also on the Williston Basin, which averages 92,479 barrels. Start Scientific believes Lodgepole Well represents a unique and significant oil and gas exploration opportunity extending into wide-ranging regions of the Williston Basin that is currently not being pursued by other companies.
Start Scientific is currently negotiating with a joint-venture partner regarding two oil and gas leases located in Clay County, West Virginia, in an area with a long history of development in shallower formations: the Squaw and Big Injun reservoirs. In addition, the recent vertical wells drilled through the Squaw and Big Injun reservoirs provide the company valuable insights to further development. E-logs on these wells provide critical depth control and the opportunity to examine the reservoir parameters. The company has evaluated the e-logs on these wells and identified sufficient reservoir thickness to justify shallow horizontal drilling. Start Scientific’s goal is to drill 18 wells on these properties over the course of a three-year period.
As Start Scientific continues to explore opportunities within its current portfolio, the company is advancing on its plans to utilize its unique management contacts to acquire additional oil and gas assets throughout the world, as well as expand its exploration and development of existing properties.
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