ABOUT: Hunter Oil owns and operates two large, proven oil fields in the Permian Basin of New Mexico – the Milnesand and Chaveroo fields, where the Company holds approximately 23,000 gross acres. Recorded production of these two fields is approximately 40 million barrels, representing less than 10% recovery of the oil in place.
HOILF COMPANY WEBSITE: http://www.hunteroil.com/index.html
Hunter Oil owns and operates two large, historic oil fields in the Permian Basin of Eastern New Mexico - the Milnesand and Chaveroo fields, which together comprise in excess of 23,000 gross acres, held by production. Historical production of these two fields is approximately 40 million barrels. Hunter has engineered a horizontal redevelopment of the San Andres productive zones. The Company plans to unlock the value in these resource-rich fields by leveraging existing infrastructure, lowering operating costs and increasing efficiencies of its operations.
As at January 1, 2017, Hunter has estimated 1P Reserves of 15.3 MMBOE, 2P Reserves of 21.4 MMBOE and 3P Reserves of 38.9 MMBOE (million barrels of oil equivalents).
Assets are operated from Hunter Oil's Houston base. The management team has decades of experience in oil production, both internationally and domestically, allowing for a great understanding of operating assets on both state- and federally-regulated lands.
Enhanced Oil Resources Inc. Asset Base
Permian Basin - Oil - Eastern New Mexico
1. Milnesand- San Andres - Roosevelt County, NM - 6,000 Acres
Discovered in 1956. 93 mmbo in place. Recovered 11 mm bbl oil (mmbo) to date
Proved: 2.0 mmbo; Probable: 4 mmbo; Possible: 8 mmbo for 3,000 acre project
Total field potential under full field CO2 flood: 14 mmbo
2. Chaveroo- San Andres - Chavez County, NM - 28,000 Acres
Discovered in 1952. 180 mmbo in place. Recovered 23 mmbo to date
Total field potential under full field CO2 flood: 34 mmbo
Current Focus: Increase oil production through infill drilling of San Andres Reservoirs
Milnesand and Chaveroo Potential for 250 20 - Acre infill wells
Capex per well - $500,000
Initial Production - 40 bopd
Cumulative production - 38,000 barrels oil per well
Peak Production under infill drilling - 5,500 bopd
STATEMENT OF RESERVE DATA AND OTHER OIL & GAS INFORMATION - FORM 51-101F1
Report of the oil and natural gas reserves and net present values of future net revenue, dated January 1, 2017.
CAWLEY, GILLESPIE & ASSOCIATES - INDEPENDENT RESERVES EVALUATION
CG&A estimates of total proved, probable and possible reserves and forecasts of economics attributable to the Hunter Oil Corp. interests in Chaveroo and Milnesand oil fields based in New Mexico, dated January 1, 2017.
HUNTER OIL CORP.
777 N. ELDRIDGE PARKWAY, SUITE 150,
HOUSTON, TX, 77079, USA
T. +1 (832) 485-8500
1040 WEST GEORGIA STREET, SUITE 940,
VANCOUVER, B.C., V6E 4H1, CANADA