Call (424) 392-3090 or email email@example.com
Arkoma Stacked Pay Acquisition- The Arkoma acquisition has been structured to secure initial Working Interests and Options to acquire additional Working Interests over time. In 2017, Blackstone acquired a 15% Working Interest in the Arkoma Stacked Pay Acquisition (Arkoma) located in Okfuskee County, Oklahoma for a consideration of $418,000. The seller, Inland Oil & Gas Corporation and Inland Operating Company, retains a 58% Working Interest and remains as Oil & Gas Operator. Inland estimates the gross reserves and resources of the surrounding area to be 8.48 Million barrels of oil, based on 3D seismic estimates by the previous owner which were used to identify a significant geological structure. Additionally, the wells drilled to date have demonstrated multiple reservoir horizons. The project conducted initial technical due diligence and has commissioned an independent reserves and resource report to compliment the seller/vendor estimates. Details of the Arkoma Stacked Pay Project include 3D seismic survey over a larger general area which led Inland to focus on the 400 acres forming the Arkoma Project. The seismic enabled the mapping of an uplifted NE-SW horst block with eight stacked reservoirs. The primary reservoir is the Wilcox sandstone at approximately 4,000 feet. Additional shallower oil and gas conventional pay zones include the Viola, Cromwell, Union Valley, Gilchrist and Booch sands, and two “tight gas” shales including the Woodford Shale. The Arkoma Project includes surface leases, five production wells, a water disposal well, production infrastructure, seismic and other data. Inland Operating currently operates the field. The first deep well in the area, Wise 1-25, was drilled in 2015. Initial flow rates were up to 85 barrels of oil per day. Production has been constrained as there was no water disposal well, but this well has already produced over 350,000 barrels of oil, and recently produced 20 barrels of oil per day. There is existing onsite infrastructure which includes roads, pumps, separators, tank batteries, three phase electrical power and a connection to a gas pipeline.
The Inland Assets are comprised of Leases, Wells and Unitizations including:
• 100% of a water disposal well.
• 100% of the three phase power supply lines.
• Infield oil and gas gathering systems owned to be in proportion to Working Interests.
• The geological data base covering the total project 400 acres.
• The 36 square miles of 3D seismic which Mosman Operating and the Joint Venture have access to through the included First Right of Refusal on any projects in the 36-square mile 3D seismic data owned by Inland, (where 5 other targets have been identified).
• The leases are held by production and there is no minimum work requirement. As the wells are all recently drilled, there is no imminent inherited abandonment liability.
We love our customers, so feel free to visit during normal business hours.
09:00 am – 05:00 pm