Polar Petroleum, the domestic oil and gas developer based up in Anchorage – which has three key projects in the same region as two of America’s largest oil fields, announced today that they will use local geoscience/engineering firm, Waters Petroleum, LLC (WPA) to obtain well data and petrophysical evaluations for four wells that will yield viable pay interval and prospective zone analytics for POLR’s onshore Hemi Springs and Franklin Bluffs projects.
This is a huge boon for POLR to strike such a deal with WPA, who is well-known throughout Alaska (their base of operations) and Texas for their comprehensive oil and gas services portfolio, spanning the operational spectrum with personnel that also have vast experience on the E&P and research end of things. These guys handle everything from development and wellsite geology, to geological and geophysical interpretation, as well as geosteering and log editing with full quality control. WPA offers some of the best minds in the business and is making a name for itself in petrophysical interpretation, as well as in areas like prospect generation and evaluation, regional geologic studies, reservoir engineering/modeling, resistivity image processing and interpretation, and even sonic log processing and interpretation.
Needless to say, POLR’s capture of this crucial, high-fidelity data from WPA will be instrumental in determining pay intervals and prospective zones. This work should open up some strong secondary potential in the Vshale, net sand, and pay sand, with one of the longer-term goals being the construction of a deterministic log model for the local areas based on data constraints.
President and CEO of POLR, Daniel Walker, emphasized the breadth of experience and in-depth knowledge possessed by WPA, particularly regarding the geology and reservoir characteristics of the company’s targeted intervals. Walker forecast the development of improved stimulation strategies and production as the important end point of this log analysis work and expressed confidence that a better understanding of each reservoir would translate into long-term shareholder growth.
Wayne Campaign from WPA has been pegged as the study’s petrophysicist and he will be overseeing the extensive wireline log and petrophysical analysis. Two of the wells being looked at, the ARCO Pipeline State #1 and Hailstorm #1, are within POLR’s projects. The third, Burglin 33-1, is nearby, and the fourth, Hemi Springs State #1, while sunk just outside of POLR’s acreage, actually taps a target that is some 648 feet inside the company’s 40.7k-acre Hemi Springs Project (lease ADL391544).
Hemi Springs (100% WI, 80% NRI, 4% carried interest to the seller) has a lot of potential in its 16 leases and initial estimates are around 558M bbls of total recoverable petroleum reserves, with the conventional play stretching along the southwestern border of the Prudhoe Bay Unit. Franklin Bluffs (100% WI, 4% carried interest to the seller) is a 5.7k-acre patch consisting of one lease targeting an unconventional shale oil play surrounded by Great Bear Petroleum’s 500k plus acre lease position (purchased in 2010).
POLR intends to hit markets as soon as the data comes in and will be progressing sequentially through the wells, falling back on public domain wireline log data (stuff like the AOGCC digital archives and etc.) to help flesh out the collection phase. WPA will handle the quality control and log data editing to accurately tune for depth corrections and the like, with full reports being generated for each well evaluation, including the relevant figures and displays, with results also captured as digital products for use by the company.
To learn more about Polar Petroleum Corp., visit www.PolarPetro.com
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