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TCRRF Security DetailsShare Structure
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South Texas Cretaceous Play | ||
| The Upper Cretaceous sequence in the Rig Grande Embayment of South Texas has been a prolific oil and gas producing region with nearly 500 million barrels of oil and over 2 trillion cubic feet of gas produced to date. The area is part of the Smackover-Austin-Eagle Ford Composite Total Petroleum System as defined by the US Geological Survey. The potentially productive intervals, from youngest to oldest, include the Escondido and Olmos formations of the Navarro Group, the San Miguel and Ancacho formations of the Taylor Group, as well as the Austin Chalk, Eagle Ford Shale, Buda and Edwards Limestones. Oil and gas were generated in the total petroleum system at different times because of variations in depth of burial, geothermal gradient, lithology, and organic matter composition. From the source rocks, oil and gas migrated upsection and updip along a pervasive system of faults and fractures as well as along bedding planes and within sandstone units. Recent technological advances in drilling and completion techniques, notably advances in horizontal drilling and hydraulic fracturing technology, have created a renaissance within the region as previously uneconomic reserves are being commercially developed by use of new technology. For more information on the regional geology and recent developments in the South Texas Cretaceous Plays, please visit our links page. |   |
projects | Asset OverviewTerrace currently has two active development projects, The South Texas Syndicate - Olmos Sandstone Development and The Cutlass - Eagle Ford Development, both located in the oil window of the South Texas Cretaceous play. South Texas Syndicate - Olmos ProjectTerrace holds an average 27% working interest in approximately 14,000 acres located in McMullen and LaSalle Counties, Texas. The project is a southwesterly extension of the prolific AWP Field which has produced nearly 500 MMBOE from the Olmos Sandstone since its discovery in the early 1980's. Our first well into the project, the STS 1-667H encountered the Olmos "C" sand at approximately 8900' and drilled approximately 4,100' of horizontal section. The well was fracture stimulated in 14 stages with 3 million pounds of proppant and 101,975 barrels of slickwater in early February and tested at sustained rates above 600 BOPD. Permanent facilities are installed and that well is on commercial production. The two subsequent wells recently IP'd at over 765 BOEPD and 1020 BOEPD respectively. The next phase of the program will focus on optimizing capital efficiency by systematically drilling development wells on a grid pattern beginning the first quarter of 2013. Based on existing spacing, the project has the potential for up to 72 additional locations. Cutlass - Eagle Ford ProjectTerrace holds a 30% working interest in 3395 acres in Dimmitt and LaSalle Counties, Texas. The project is surrounded by active development in the Eagle Ford oil window by several major oil companies. Recent developments in the immediate vicinity (less than 5 miles) have resulted in multiple horizontal completions in excess of 1000 BOEPD. In addition to the obvious Eagle Ford potential, previous drilling on the acreage dating back to the 1960's indicates the entire Cretaceous section from the Austin Chalk through the Edwards Lime is prospective. The company has drilled two strategically placed evaluation wells which tested the entire Cretaceous section. The initial two-well evaluation program is currently underway with production expected in early 2013. |
