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GeoSpectrum is offering for sale the Bernice Prospect in T8S, R37E, southern Roosevelt County, New Mexico. The primary objective is oil production from the Devonian Formation at 11,800 ft with estimated well reserves of 1000 MBO. Devonian fields in north Lea County and southern Roosevelt County generally produce on the upthrown side of faulted anticlines with 50 - 100 feet of closure. The Bernice Prospect is no exception as it is located on the west side of a down to the east, north-to-south reverse fault with ~ 125 feet of throw. The prospect has over ~ 80 feet of closure and seismic data clearly illustrates the west regional dip creating a structural trap against the north-to-south fault. The Bernice Prospect could have Devonian reserves of about 1000 MBO that could be developed with four wells, as average reserves for a Devonian well for this size field in north Lea Co. are about 250 MBO. Natural gas production is not significant in these fields. GeoSpectrum will deliver 87.5% working-interest (WI), 75% net revenue interest (NRI), for a prospect bonus of $150,000. GeoSpectrum will retain a 12.5% WI and be carried to completion point decision on the first well drilled on this section. If your company is interested in reviewing the interpretation or terms of this prospect with GeoSpectrum, please contact Dr. James J. Reeves at the contact phone numbers below. You will be asked to sign a non-disclosure and non-compete agreement that will cover the specific area of the prospects. This agreement will be effective for two years from the date of execution. This prospect is subject to prior sale. All reasonable offers will be considered. Please contact us if you have any questions or desire additional information on the prospect.
Dr. James J. Reeves, Ph.D. |
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P. O. Box 3399, Midland, TX 79702-3399 |
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