COI aquired almost 30 sq km of oil and gas leases over the historic Florence oil field (the second field discovery in USA, discovery well drilled in 1862). A 8 sq mile 3D seismic aquisition program had been completed last year and provided a unique insight into the migration structure of the proven shallow production trends (Pierres Fmt, Niobrara Fmt.).
The Royal Gorge #1 drilled by Jevernick Oil less then half a mile outside COIs agreage has produced 100 bbopd from the Pierre Fmt. for the 3 years since Feb 2005.
The deeper targets (Dakota, Lakota, Codell sandstone) are largely unexplored.
In my eyes it's an appraisal program.
Further information - click here:
9.11.2007
18.01.2008
29.04.2008
confirmed drilling on the weekend, page-16
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