San Antonio-based Millennium PetroCapital Corporation is in the final stages of approval for four new drilling permits in Gonzales County from the Texas Railroad Commission as part of its Lewis & Clark Development Project.
The new permits will allow four new horizontal oil wells to be drilled 6.2 miles southwest of Gonzales, the nearest city. In the company’s original application dated Nov. 19, Millennium said the completion depth of the wells will be 7,500 feet.
The Lewis & Clark Development project is an oil and gas exploration and development venture that was organized in April, Millennium founder and Chief Executive Officer Richard Monroy said. The company aims to expand its exploration about five miles west of the original Chalk Talk oil field.
“Our company performed extensive geological studies, geophysical confirmation and production research and discovered several compelling locations to produce hydrocarbons potentially,” Monroy said. “These are the four locations we have recently applied for drilling permits from the Railroad Commission of Texas.”
This project is a follow-up to the spring 2020 Chalk Talk Development Project by Millennium, where a new Chalk Talk oil field was discovered using new geophysical exploration technology to find the best spots to drill by identifying areas of the Austin Chalk with natural porosity caused by microfractures.
“These microfractures allow for strong daily production volumes and cumulative volumes, making them a desirable target,” Monroy said.
Millennium, a developer of oil and natural gas-producing properties in Texas, was founded in 2006. Backed by business owners and high-net-worth individuals, it has more than 60 projects across 28 Texas counties. Its focus is gas exploration and development across South Texas and the Texas Gulf Coast.
Millennium locally employs 25 individuals, and saw $25 million in gross sales last year. It recently celebrated both its 15th anniversary and 60th completed project.