San Antonio, Texas-based Start
Scientific is an oil and gas exploration, drilling, extraction and delivery
company with a current portfolio of a total of four primary projects located in
Mississippi, Texas, North Dakota and West Virginia. The company’s progression
strategy is to advance these primary projects and utilize its more than 65
years of industry experience to seek out additional development opportunities
that are overlooked by larger oil and gas companies.
Start Scientific’s interests include
low-risk land and lease opportunities on properties with known oil deposits.
The goal is to develop facilities on these properties and cost effectively
extract the oil to be refined and sold in the open market. Start Scientific’s
current endeavors include shallow, deep, and horizontal drilling opportunities,
three of which are primary oil projects and one natural gas.
The first project, the Flora Field in
Mississippi, was discovered in 1943 and has produced more than 7.6 million
barrels of oil from the Selma Gas Rock Formation in the Anderson sand; five
wells are currently producing approximately 30 barrels of oil per day. Based on
the most recent drilling (1997), Start Scientific believes the remaining oil in
the Anderson sand could be as much as 737,500 barrels of oil. Due to its lower
permeability, the Chalk section of the Selma Gas Rock Formation as largely been
overlooked; however, exploration data indicate the Chalk has enough
permeability to be commercial. Start Scientific believes the Chalk has
potential to produce 10-20 barrels of oil per day, per well, and could consist
of as much as 2.2 barrels of oil net to the company under its current farm-out
agreement.
In Texas, Start Scientific is focused
on the Palacios Texas Field, a structure that covers approximately 5,000 acres
on which shallow wells were drilled for more than 50 years. The structure has
known hydrocarbons from near-to-surface to 16,600 feet and gas estimates of a
trillion cubic feet with 30 million-50 million barrels of condensate. This is
where the expertise of Start Scientific’s leadership team is vital; in the 80s,
company management successfully drilled below 20,000 feet and produced wells with
greater pressure. Start Scientific’s plan is to apply knowledge from that
experience to its option agreement for 1,700 acres on top of the structure in
Texas – the goal is to have 30 wells on the structure; 12 of which will be
drilled to 17,000 feet and 18 drilled to 12,000 feet.
The company’s third project is in the
Williston Basin in North Dakota where there are currently 208 active drilling
rigs operating. The structure is a massive hydrocarbon “super basin” classified
by the U.S. Geologic Survey as one of the world’s largest oil and gas
prospects. The company believes that the Lodgepole Limestone Reef Play on this
basin represents a superior exploration and drilling opportunity. The average
Lodgepole Well production is more than 11.2 million barrels, easily exceeding
the cumulative production of the Bakken Shale Well, also on the Williston
Basin, which averages 92,479 barrels. Start Scientific believes Lodgepole Well
represents a unique and significant oil and gas exploration opportunity
extending into wide-ranging regions of the Williston Basin that is currently
not being pursued by other companies.
Start Scientific is currently
negotiating with a joint-venture partner regarding two oil and gas leases
located in Clay County, West Virginia, in an area with a long history of
development in shallower formations: the Squaw and Big Injun reservoirs. In
addition, the recent vertical wells drilled through the Squaw and Big Injun
reservoirs provide the company valuable insights to further development. E-logs
on these wells provide critical depth control and the opportunity to examine
the reservoir parameters. The company has evaluated the e-logs on these wells
and identified sufficient reservoir thickness to justify shallow horizontal
drilling. Start Scientific’s goal is to drill 18 wells on these properties over
the course of a three-year period.
As Start Scientific continues to
explore opportunities within its current portfolio, the company is advancing on
its plans to utilize its unique management contacts to acquire additional oil
and gas assets throughout the world, as well as expand its exploration and
development of existing properties.
For more information, visit
www.startscientificoil.com
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