The Crosby 31-10 No 1 is the first offset well to the Crosby 31-11 No 1, which was drilled and completed in November 2009 and produces at a steady rate of 65 barrels of oil per day.
The objectives in drilling this well are to intersect the same oil bearing Middle Wilcox sands as the Crosby 31-11 No 1, while gaining structure and expanding the extent of the known oil reservoir, and to test deeper sands in the region.
Justin Pettett, managing director of Pryme, said: “Our strategy in Four Rivers is to drill moderate risk oil prospects with potential for rapid conversion to production and revenue. The focus for the Four Rivers project in 2010 will be to develop and expand the reservoirs discovered in the 2009 drilling season.
“We expect to drill fewer Four Rivers wells than in 2009. Pryme’s main Middle Wilcox exploration efforts for 2010 will be concentrated on the Catahoula Lake project where we will be targeting the same Wilcox age objectives in a much less densely drilled environment.”
Pryme has a 25% working interest in the Four Rivers project. The project is targeting multiple stacked oil zones throughout the Middle-Wilcox formation and, to a lesser extent, shallow Frio natural gas zones, at depths ranging from approximately 4000ft to 7000ft.
The company said that the wells drilled in the Middle-Wilcox exhibit long production lives with low decline rates after the initial flush oil is produced and relatively steady production is established. They are relatively inexpensive to drill and typically have low operating and on-going maintenance costs.
