IDCN update. Energy
Abilene Update:
Ablilene Well #2:
Sunray completed logging the well at approx 2:00 a.m. Saturday, 6 May.
The samples showed tremendous oil cut with Fluorescence. The logs show that they have hit the Flippin Sand Zone at 2416 ft through 2420 ft with 20% Porosity. Both samples and logs show that they have the Upper Hope Lime Zone at 2670 ft to 2675 ft. When they drilled though this zone they had a good oil show with flourescense. Because of the heavy rains in the Abilene area last nightthey have delayed running pipe and cementing until Monday.
Well # 1 made over 250 bbls within the first 48 hours. They've choked it back to 50 BOPD (because the depth of the formation is only 8ft (2.4m) they think it best not to allow the well to flow over 50 BOPD until some of the gas pressure is released). If they opened the valve and let it flow wide open at this time they would stand a chance of channeling the formation. This allows water to possibly force the oil back as well as hurt the formation.
Abilene Hole #1
Gushing After Perferation of Zone
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Abilene Project
INTRODUCTION
Sunray Oil Company, Inc. has acquired various leases in the East Merkel Area of northern Taylor County, Texas approximately 10 miles northwest of Abilene. The leases are located within a 55 square mile 3D seismic shoot that has identified at least 12 drill sites on the acreage. Once the 3D seismic has been evaluated for deeper horizons, it is anticipated that an additional 100 drill sites may be evaluated on acreage within the shoot area.
RESERVES
Total Reserves are estimated to be 4,931,800 net barrels having a combined future net revenue of an estimated $150,631,000 during the remaining productive life range of approximately 17 to 25 years.
Wells on the adjoining leases had initial production of over 100 barrels of oil per day (BOPD) on the average with some wells having initial production rates exceeding 1000 BOPD. Most of these wells flowed for over 5 years and 20 years later were still producing in excess of 25 BOPD. Production came from multiple pay zones that are the same zones expected from the East Merkel structures.
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