Team Resources’ rig drilled this second well deeper than originally planned, reached total depth 3-13-10, and after positive tests for hydrocarbon, set production casing.
Team Resources’ natural gas and oil field acquisitions were selected due to the potential of developing proven gas reserves – having nearly 30,000 acres currently under lease. These natural gas and oil leases were originally proved up by Texaco and Conoco in the 1950’s. At the time, these gas reserves were left undeveloped due to the lack of demand and profitability.
According to Kansas State records, the original wells produced oil from shallower formations bypassing the natural gas found in the deeper horizons.
The estimated reserves placed on this one well alone by Team Resources’ consulting geologist, Sal Mazzullo, exceeds the company’s original expectations, having discovered two additional oil and gas reservoirs (for a total of three) to produce from.
Kevin Boyles, president and CEO of Team Resources and general partner of the School Creek Walker Development & Pipeline Income Fund, said: “We are not disclosing the name of the drilling company, well location or reservoir information due to the fact that a new field reservoir was proved up.
”Everything is being ‘tight holed’ at this time to allow us adequate time to acquire additional acreage with 3-D Seismic, planned for the second week of April, to determine the size and development potential of this new reservoir. We plan to utilize our own recently acquired interstate natural gas transmission system to transport the natural gas produced here to market.”
