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Plan is to convert an injection well back into oil and drill 3 shallow wells.
60 acre lease with 2.5 acre spacing.
3 wells doing 3 BOPD with 2 injectors.
$20K to convert an injection well to oil could bring lease to 25 BOPD.
Cost to drill and complete single well @ 1,500′ estimated at $90K.
Well on lease back in the 1950′s produced +40 BOPD before shut-in in 1970′s.
Production estimates 8 – 20 BOPD per new well
Estimated payout under 1 year under low performance projections.
65%WI remaining @ $23.5K per 5%WI block @ 75%NRI.
Please contact us if interested in more information.
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