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News and Press Releases
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Date
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13 July 2007
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Title
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Oracle Resources Woodford Shale
Well Log Estimates from Two Wells Approach 1 TCF Gas in Place
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DALLAS
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Oracle Resources Oklahoma LP received the results from its recent logging of its Joan #1-30 well today. The well was drilled and logged to a total depth of 8,668 feet in Section 30 of Township 3 South, Range 4 East, Johnston County, Oklahoma. Schlumberger’s Elemental Capture Spectroscopy (ECS) log analysis of the Woodford, Sycamore, and Caney formations has resulted in an estimation of gas in place in this section of 317 BCF for the Woodford, 52 BCF in the Sycamore and another 145 BCF in the Caney. Schlumberger’s total gas in place for the section totals an estimated 514 BCF. Fred Byther, Oracle’s Vice President – Exploration, stated that these reserve estimates confirm and exceed the similarly estimated 447 BCF gas in place credited to Oracle’s Vickie Jo #1-32 well, which the Joan well offsets. Further, both the Vickie Jo and Joan wells have excellent conventional Sycamore reservoirs, 30’ and 50’ thick respectively not reflected in the chart below.
Bryan Pershern
, President/CEO, announced that Oracle is now preparing horizontal Woodford completions for both wells as well as another offsetting well, the Leila #1-31 where casing was set to 9,325’ after running induction and neutron density logs in late May. Although ECS logs were unable to be run in the Leila well, the formations of interest are consistent with the two wells having ECS logs, and reserves in the Leila are expected to be consistent with those estimated for the Vickie Jo and Joan wells. Meanwhile, Oracle’s pipeline affiliate has completed its 6” tap into NGPL’s pipeline and is presently installing processing equipment and pipeline hookups. Oracle Resources Oklahoma and its partners have an average 74% working interest in the three wells. In addition, Oracle Resources Oklahoma and its partners own significant working interest in six adjoining sections.
Oracle Resources Oklahoma LP, a subsidiary of privately-held Dallas based Oracle Resources LTD, is the operator of the well.
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PRODUCING UNIT
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VICKIE JO
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LEILA
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JOAN
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FORMATION
LOGGED
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THICKNESS
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ECS RESERVE
ESTIMATE
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THICKNESS
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THICKNESS
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ECS RESERVE
ESTIMATE
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CANEY
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246'
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118 BCF
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350'
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372'
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145 BCF
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SYCAMORE
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350'
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45 BCF
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358'
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378'
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52 BCF
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WOODFORD
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348'
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284 BCF
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356'
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356'
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317 BCF
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TOTAL
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944'
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447 BCF
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1,064'
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1,106'
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514 BCF
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CONTACT:
George W. Ainsworth
Executive Vice President
E-MAIL: GAinsworth@OracleResources.com
13140 Coit Road, Suite 515, LB 138
Dallas, TX 75240-5751
http://www.OracleResources.com
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News and Press Releases
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Date
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24 April 2007
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Title
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ORACLE RESOURCES WOODFORD SHALE
WELL LOGS ESTIMATED 447 BCF GAS IN PLACE
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DALLAS: Today, Oracle Resources Oklahoma LP announced it has drilled and logged the Vickie Jo #1-32 to a total depth of 8,963 feet in Section 32 of Township 3 South Range 4 East, Johnston County, Oklahoma. Logs from the well indicate an exceptional Woodford potential with 346 feet of net pay. Schlumberger’s Elemental Capture Spectroscopy (ECS) log analysis of the Woodford, Sycamore, and Caney Shale has resulted in an estimation of gas in place in this section of 284 BCF for the Woodford, and another 118 BCF in the Caney Shale. Schlumberger’s total gas in place for the Woodford, Sycamore, and Caney is estimated to be 447 BCF for the section. Fred Byther, Oracle’s Vice President – Exploration, stated that these reserve estimates are consistent with Schlumberger’s Woodford only estimates of 240 BCF gas in place given to Iron Sights Operating five miles to the southeast, and to the 222 BCF assigned to Banker’s Petroleum three miles to the west.
Bryan Pershern, President/CEO, announced that Oracle Resources Oklahoma is preparing to spud the west offset, the Leila #1-31 a 9,350 foot Woodford test. The completion of the Vickie Jo #1-32 is pending, while supporting pipeline and plant infrastructure is being constructed. Oracle Resources Oklahoma and its partners have a 94% working interest in the well. In addition, Oracle Resources Oklahoma and its partners own an average 83% working interest in eight surrounding sections.
Oracle Resources Oklahoma LP, a subsidiary of privately-held Dallas based Oracle Resources LTD, is the operator of the well.
CONTACT:
George W. Ainsworth
Executive Vice President
VOICE: 214.575.4740
FAX: 214.575.4744
E-MAIL: GAinsworth@OracleResources.com
13140 Coit Road, Suite 515, LB 138
Dallas, TX 75240-5751
http://www.OracleResources.com
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