Millennium Exploration Company, its industry partners and private investors make a second consecutive oil discovery on the Wood River Ranch in Gulf Coast Texas. Numerous developmental wells are slated for the property within the next 12 months.
San Antonio, Texas (PRWEB) June 20, 2013
Millennium Exploration Company, partnered with several industry partners and private investors, drilled the Wood River Ranch B1 well in south west Refugio County in March of 2012. The Wood River Ranch B1 well made a new field discovery that has been in production since April 2012. From the information collected from the Wood River Ranch B1 well, it was determined that the subsurface of the Wood River Ranch is riddled with a maze of faults that can create substantial and independent oil and gas reservoirs below ground. After going back and re-evaluating the property, the drilling of the Wood River Ranch B2 well was proposed in February of 2013 and was drilled in March 2013 to a total depth of 8,900 feet. In mid April of 2013, the well was drilled at total depth and logged and appeared productive in numerous zones. Preliminary estimates of potential recoverable barrels of oil are approximately 1.1 million barrels of oil from these various promising looking reservoirs. The Wood River B2 well went into production on May 11, 2013 at an initial production rate of 147 barrels of oil per day. The well over the course of the last month and a half has averaged over 105 barrels of oil per day consistently.
With the successful completion and production of the Wood River Ranch B2 well, Millennium Exploration Company and its partners, now have two successful oil discoveries in the Wood River Ranch, in as many years. Further development of other potentially productive faults and reservoirs are currently in the Research & Development stage. Millennium Exploration as the majority interest owner of both Wood River Ranch wells, plans to exploit as many obvious barrels of oil from other similar looking pockets as that of the Wood River Ranch B1 and B2. Millennium’s President and CEO, Richard Monroy, states “our track record and high resolution 3-D data will help us identify similar potential producing reservoirs. Millennium hopes to have within the next five years nearly a thousand barrels of oil per day being produced from this section of the ranch in Refugio County.”
Millennium Exploration Company’s main focus has always been in field development of proven undeveloped reserves and has focused heavily on acquiring underdeveloped and undervalued assets. Millennium’s next project, Wied Field Development Prospect, will be a similar attempt to re-establish production from an existing well and drill an offset well to a producer in hopes of maximizing oil and gas daily production from an existing producing field with untapped and undeveloped reserves.