June 4, 2018 - 10:55 AM EDT
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PowerDrive Oil and Gas Company leverages extensive data, logging and permit hurdling to find new value in California legacy fields

BAKERSFIELD, Calif., June 04, 2018 (GLOBE NEWSWIRE) -- By infusing new technology with historical data PowerDrive Oil and Gas Company, LLC is rejuvenating neglected California oil fields.

Niclas Biornstad
PowerDrive Managing Director Niclas Biornstad is redeveloping legacy oil fields in California.

PowerDrive’s Niclas Biornstad says the company has used its expertise to re-enter six wells in the state’s West Bellevue field and one well in Huntington Beach with exceptionally high test rates. Initially producing just 12 BOPD, the company now produces 180-200 BOPD after 18 months.

The company also owns extensive property and lease acreage in Brentwood, West Newport and Greeley oil fields.

Biornstad credits the success on the integration of 3D seismic, detailed review of historical well data, saturation tool logging and cost efficient drilling techniques. “We also thoroughly understand the California regulatory and permitting environment, which could otherwise be a daunting task, with a combination of in-house and selective consultant services.”

Aggregating leases at field level, rather than just by individual leases, allows PowerDrive to maximize the production and exploration efforts in an integrated manner, which ultimately more efficiently drains remaining hydrocarbons in any one area.

Saturation logging identifies oil saturated zones with surgical precision and aids in the completion decisions. Historically, operators have opened larger intervals, missing out on these smaller lucrative productive pay zones. Not only does this allow PowerDrive to save on completion costs through less perforation, but also reduces the amount of produced water requiring disposal.

This summer PowerDrive plans to spend $3.6 million mainly on two re-entry wells in West Bellevue and two reactivation wells in Huntington Beach with an associated production facility.

When completed, they expect corporate production to be 800-900 boepd.

“This is an amazing opportunity to re-enter neglected existing oil fields. We are already planning the next step investment, which would require putting $19 million into existing properties to generate 2,500 boepd,” said Biornstad.

About PowerDrive Oil and Gas Company
The company is privately held and is part of the Murarka Group, headquartered in Michigan City, IN. Its associated companies focus on energy services, upstream hydrocarbon exploration and production, waste water management and power transmission.

Its current oil and gas portfolio includes assets interest in Indonesia and the USA (CA, OH, TX, LA).

Niclas Biornstad
Managing Director
PowerDrive Oil and Gas Company, LLC

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/80a0cd73-d934-4a24-883c-d8db5dba8803


Source: GlobeNewswire (June 4, 2018 - 10:55 AM EDT)

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