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Ground Zero Prospect Howard & Borden County, Texas. Prospect Overview. Midland Basin/Eastern Shelf Transition area – Howard & Borden Co. TX - 5 zones. 2 primary horizontal targets: Wolfcamp & Lower Leonard carbonate. Cline/Penn development South & East.

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Ground Zero Prospect

Howard & Borden County, Texas


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Prospect Overview

  • Midland Basin/Eastern Shelf Transition area – Howard & Borden Co. TX - 5 zones. 2 primary horizontal targets: Wolfcamp & Lower Leonard carbonate. Cline/Penn development South & East.

  • 10,280 +/- acres on 3 ranches. 160 acre horizontal spacing. Room for 64 wells. 26–52 Million barrels of oil recoverable using 4% recovery factor. Clear Fork & other formations could be developed vertically on 40’s. Additional acreage can be acquired (10,000 acres+/-)

  • 3 Primary Permian source shales (Woodford, Penn, Wolfcamp) underlie acreage and sourced large, nearby fields (Reinicke, Vealmoor, Vincent, etc)

  • Repeatable, Multi zone, Hybrid Resource Play. Calculated Horizontal Reserves of 600-800 MBO per 160 acres in 2 zones. Proven consistent over large area (130+ miles). Analog wells 800-2000 BOPD.

  • Thick sections of hydrocarbon saturation. Wolfcamp section is 750’ thick. Leonard 250’ thick, 2 Finger–Cline 300’ thick.

  • Halliburton Shale Logs indicate almost 50% of column is high TOC, kerogen rich source rock

  • Correlative analog 120 miles away EOG, Approach, El Paso, Devon, Range & Pioneer. The recently unveiled 2 Finger Shale(Cline) of Fisher County is present and productive in area. The 2500’ thick Clearfork, Leonard, Wolfcamp(WolfFork) column is analogous to Approach & Three Rivers activity in Irion & Crockett County

  • Horizontals & multi stage fracturing provide massive increase in volume of rock connected to wellbore, thus providing economic, long term production of very low perm source rock

  • Comparable in age & targets to very active Delaware Basin

  • Extensive E-Log review, Compelling Mud Log Data, proof of hydrocarbons., movable 40 gravity oil 1500 BTU gas, heavy liquids. Excellent pipeline infrastructure. Ample water supplies

  • Apache, Chesapeake, SM Energy, Laredo, Nadel & Gussman and others actively leasing in vicinity


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Wolfcamp

  • 750’ thick lime, shale & sand mix. Depth 6400’-7200’

  • Halliburton Shale log analysis show appr 315’ (42%) of column is kerogen rich, 3-5% TOC source rock. Limey, dirty carbonates sandwiched amongst source rock. Shale Log reserve calculations of 400 MBO per 160 acre tract

  • Mud logs exhibit off scale gas increases going thru Wolfcamp. Carb & calc gas bleeding shale, fluorescence

  • Extensive E Log analysis. Mud log characteristics correlate thru out study are and tie to production

  • Collectively, 90% of column has produced in vicinity, with majority being from the “B” section. Newer completions include upper

  • Type curve for 15-18 month vertical producers indicate 15-20 BOPD. Extrapolated by 4X for horizontal, provides economic 60-80 BOPD. Improved (larger) stimulations could provide even better rates.

  • Historical WC producers 5-300 MBOE. One instance, 2’ of perfs cum’d 43,000 BO


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Lower Leonard

  • 250’ Thick Shaley, limey & sand mix. Depth 6030’-6280’

  • Halliburton Shale Log analysis indicate 215’ of column to be kerogen rich, 2-5% TOC source rock. Carbonates sandwiched between dirty, shaley source intervals. EUR’s of 200-400 MBO per 160 acre tracts

  • Mud logs show off scale gas while drilling thru interval with shows. Mud log gas correlates thru out study area & ties to production

  • Several 50-90MBO wells in vicinity. Produces in Vealmoor& Reinecke Multi pay Field

  • Might be excellent, tightly spaced, vertical project utilizing advanced petrophysical analysis & multi stage fracs


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Other Targets

  • Clear Fork: 3 intervals produce across region. Some high cums, Would Have (3.8+ MMBO), Coahoma, North (600MBO) and several 20-50 MBO fields

  • Cisco/Canyon: Productive thru out region with some very high cum’s 400+MBO/well

  • Cline Shale/2 Finger: Range, Laredo & Apache have horizontals 30 miles South. Apache completing interval near prospect acreage. Presently, 2 Finger acreage to East & SE trading feverishly with recent production tests. Possible Chesapeake/Devon target

  • Strawn: Productive to the East. High cum’s (400+MBO)

  • Mississippi: Produces in region. EOG has Horizontal Miss well, cum 700MM, 11 MBO, 2150 MCFD. Believe Chesapeake/Devon/Apache chasing Horizontal Miss

  • Overall: A very oily petroleum system


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Land Position

  • Appr 10,280 acres under 3 ranches

  • Additional 5000-10,000+/- acres available if pursued timely

  • 100% WI - 75% NRI

  • Oldest lease taken Nov 11’

  • Ample well water for frac operations


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Conclusions

  • Major Permian source beds, long term production, high EUR fields within area, High Gravity oil, high BTU gas- Heavy liquids

  • Modern Shale Log analysis provide new insight & pinpoint productive zones

  • Extensive E-log info, compelling, area wide, Mud Log Data

  • Shale Logs indicate 2200’ of liquids rich, porous intervals and recoverable reserves of 4+ MMBO per section – PREMIUM ECONOMICS

  • Improved petrophysical analysis, Core work, fracture identification, MicroSeismic, horizontals and multi stage fracs are breathing new life all across the Permian basin

  • Extrapolated type curve provide for economic horizontal development of prospect

  • Leonardian/Wolfcamp is equivalent to the Avalon/Bone Springs/Wolfcamp of the Delaware Basin.

  • ClearFork/Leonard/Wolfcamp/Penn Analog correlates 120 miles south to EOG/Approach/El Paso/Devon/Range activity

  • Wolfcamp & Penn/Cline both being developed horizontally to the South

  • Relative shallow depth moderates drilling & completion cost. White/Ottawa sand can be utilized. Low HHP Frac Spreads. Est CWC $4.0 MM, possibly decreasing to $3.5MM

  • Acreage Multiplier - Stacked pays offer substantial reserves across acreage block – A Very, very Oily area


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