After a series of management meetings with its independent petroleum consultants to review well log data and historical completion data, in addition to the previously announced proven reserves, there may be 34 million barrels of oil to be accessed in the prolific Grayburg and San Andres zones by simply adding perforations to existing wells in the Grayburg and San Andres formations in the Company's leasehold. Management has a dual path analysis underway where our VP of Operations is focused on maximizing short-term and long-term production in the Seven Rivers zone, and the Company's consulting geologist is assessing the best approach to recover oil from the Grayburg and San Andres zones.
The Grayburg-Jackson field is currently producing crude oil and natural gas from the waterflood operations primarily from the Seven Rivers zone.
The proven oil reserves of over 15 million barrels, combined with the potential 34 million additional barrels from the Grayburg and San Andres zones, will produce oil and a revenue stream for more than two decades at a slow decline rate.
'After reviewing all the current and historical data, the consultants estimate there are an additional 34 million barrels of oil left to recover under the leasehold from the Grayburg-San Andres formations,' said
'We believe that based on historical perforations, only 44 percent of the Grayburg-San Andres had been tapped,' said
'When we acquired the Grayburg-Jackson field through the purchase of
About
HNRA is an independent upstream energy company focused on maximizing total returns to its shareholders through the development of onshore oil and natural gas properties in
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