SNVP HUGE NEWS STAND OUT! 1000% STOCK We have also identified 48 other wells, ten that are producing and 34 that have been shut in but have seismic or other data indicating that they are favorable candidates for recompletion and workover. We hope to acquire these potential assets in the next twelve months.
We presently use Lucas Energy, Inc. as operator to conduct field operations. This allows us to pursue our business plan without the overhead costs of employees, and the logistical concerns of scheduling, insurance, and human resources. Lucas Energy, Inc. is a working interest partner in the Ali-O, Rozella Kifer and Zavadil and conducts all of the field operations associated with these three wells, including drilling, pumping, and transporting to our customers. Our agreement with Lucas Energy, Inc. is by operating agreement. The Glass 59 #2 Well is operated by Bright & Co.
Currently, we sell all of the oil we produce to Gulfmark Energy, an oil broker who in turn sells oil to Royal Dutch Shell, one of the world’s largest oil companies. The price at which they purchase our oil is based upon the previous month’s open market crude oil prices, and is reset monthly accordingly. Thus, while we are susceptible to large trends in crude oil prices, we are not vulnerable to daily fluctuations.
Our offices are located at 11200 Westheimer, Suite 900, Houston TX 77042.
Oil Drilling
The creation and life of a well can be divided up into five segments: Planning, Drilling, Completion, Production, and Abandonment.
Planning
Geologists use seismic surveys to search for geological structures that may form oil reservoirs. The classic method includes making underground explosion nearby and observing the seismic response that provides information about the geological structures underground. However, passive methods that extract information from naturally-occurring seismic waves are also utilized. Other instruments such as gravimeters and magnetometers are also sometimes used in the search for petroleum. When extracting crude oil, it normally starts by drilling wells into the underground reservoir. When an oil well has been tapped, a geologist, known on the rig as the "mudlogger," will note its presence. Historically, in the U.S., some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been used up, except certain places in Alaska. Often many wells, called multilateral wells, are drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, secondary wells may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and so maintain an economic extraction rate.
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