The production engineer Cohen just hired (former Devon Engineer, started with Equinor, his assets were exited to Grayson Mills backed by EnCap, which were bought by Devon last year) is a fucjing rockstar.
Why would he leave Devon Energy to work and partner with Cohen?
Because they see something that has wildly overlooked.
Major oil is only focused on tier 1 acreage and bringing in oil wells at 100 barrels an hour - Cohen and Watson would know, given that Freedom Well Testing in 2023 & 2024 was OXYs top flowback company before some vendor debt issues came to a head.
Tier 3 acreage is often overlooked, and for those that acquire it they are typically only focused and are lucky if they're capitalized well enough to fund their workovers. Good sized Independents ($20-100M) are seldomly drilling, and are ourusuong the strategy Vision and Cohen are pursuing - buying up good acreage and later life wells.
But the production engineer spotted something that's hard to ignore, and Cohen and Watsons cost to get it done wont break the bank once they've turned all the Economical wells back onto production between now and December.
There are 2 direct offsets that were wildcats and not further exploited that drilled down to the Devonian at depths between 11,000 and 12,600 ft. One wells cumulative production was 211,000 barrels. The others was 271,000 barrels. The remaining acreage surrounding the company's leases / fields is all Virgin (meaning unexploited). These wells were drilled on the East side of the field within 1 mile to Visions perimeter wells. To further support that this isn't just a one off pocket or anomaly, a wildcatter drilled a single well 5 miles south of the fields to 11,900 ft (the Daniel 1). That well came on at 300 barrels a day with a cumulative production of 911,000 barrels.
To put all these numbers into reasonable perspective:
$67 / barrel oil spot price today
($6 gathering fees) to the buyer of the oil
22% average royalty interest on the Cochran county leases (this is the landowners take)
78% average Net Royalty Interest to Vision
211,000 cumulative production = $10,039,000 earned over the lifetime of this 1 single well before ad valorem and lease operating expenses (note this perpetual stream of revenue was earned over the course of 15 years).
911,000 cumulative production = $43,345,380 earned over the lifetime of this 1 single well before expenses.
The company is in the very early stages of evaluating the true AFE cost for 3 wells drilled to 12,600 ft vertical re-entry into the Devonian as test wells - targeting a Q1 drill date and a Q2 completion date. The group believes they can achieve these 3 test wells for under $450k (drilled / completed / producing) per well, or $1.25M total.
Those 3 test wells will tell us what direction to drill depending on the results of these wells.
Cohens not trying to get too excited yet, as phase 1 remediation / reworks need to be conducted first and foremost to turn these wells into production and cash flow targeting 200 barrels a day. But if this fields deep rights have the potential that the former Production Engineer believes it does - it's game over and Cohen will take the company straight to EnCap and all of his family office partners for backing of a 400 deep vertical drilling program with a $200M CAPEX requirement.
Cohens also evaluating a similar package on tier 3 Permian Acreage in Reagan and Crockett county, and is in the early stages of constructing a deal on this (830 wells already producing 230 barrels a day on 26,000 acres).
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