Imperial Resources, and its wholly-owned subsidiary, Imperial Oil & Gas, already well-positioned for serious growth with their interests in Texas (Nunnelly #1 in Montague County and the Cochran #1 in Colorado County) and their 15k barrel/day capacity Salt Water Disposal Facility (SWDF) in the heart of the Barnett Shale, reported some big news today regarding another project with company-making potential similar to the SWDF, detailing initial geological reports on the new Area of Mutual Interest (AMI) in Oklahoma.
The AMI was acquired as per the previously reported (January 2012) agreements, whereby the company exited its previous holdings in the play at a handsome profit and re-entered on a 144 square mile area with geology analogous operating partner’s successful wells in the play. This new 2012 AMI agreement places the company in a 90% ownership position, as opposed to the previous position of 50% ownership, and the new acreage has similar/better potential with really good secondary targets as well.
Analysis of the initial geological data is well in line with IPRC’s projections and it is important to note that not only is the primary target formation under the entire new AMI, but that it has a current/historical production record, is of substantial thickness, and offers a solid analog to the excellent production results of a proximal well (targeting a similar formation) in which the company has a nominal interest (the Test Well).
The Test Well showed initial flow rates in excess of 360 BPD (with 850 McF of gas per day) and has delivered some 31k barrels (and 100M cubic feet of gas) since it went online in November of 2011. IPRC has a strong footing in the Oklahoma Resource Play at the ground floor of what looks like a site that could be developed out into a much larger field, perhaps encompassing several thousand additional wells.
With six additional formation targets available in the new AMI, over 10 historical wells on-site (each of which produced over 100k BOE), Imperial is eager to set about developing this potential company maker. The Oklahoma AMI will make a very strong partner to the SWDF, which benefits from abundant fracking activity in the Barnett Shale (the biggest gas producing structure in Texas), all of which requires immediate/long-term water disposal.
The data offers a very clear indication that the blanket formation, which stretches out under then entire AMI, not only offers abundant drilling opportunities, but generally rising acreage price, due to the large quantity of high-quality hydrocarbons. The opportunity looks really good either way and IPRC is keen to develop, especially considering the potentially stratospheric potential of the entire area.
It’s the perfect project for IPRC, which has historically focused on low risk oil and gas opportunities in emerging plays or underdeveloped areas. The company has made a good name for itself in onshore domestic hydrocarbon production and looks to take it to the next level with their SWDF and now the Oklahoma Resource Play.
For more information on Imperial Resources, Inc., please visit the company’s website at: www.ImperialResourcesInc.com
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