DoEnergy Posted July 25, 2005 Report Share Posted July 25, 2005 The Clayton Field was originally discovered by Sinclair oil & gas in the early 1960’s and has been in operations until late 2004 when due to neglect the field fell into disrepair and declined. A brief description of the field is 20 wells were oil and or gas and 1 well is salt water disposal well. At this time we have identified 6 wells that meet our technical and financial criteria. Participants in the first well shall have the right but not the obligation to participate in the next well. Participants will be presented with an option to participate in the next well or wells as equipment becomes available. After a successful work over on the Nicholson No.2 well we anticipate working over 1 to 3 wells a month. We have 25% Working Interest available in a 75% Net Revenue Interest Lease. The economics that projects payout of the project in 6 months is based on a production rate of 500 mcgd and 8 bod at an estimated price of $45.00 oil and $5.50 gas. Current oil price is about $60.00 a barrel and gas is about $7.00 mcf Quote Link to comment Share on other sites More sharing options...
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