Post Tagged with: "EOR"

Grieve CO2 EOR Project

Elk Petroleum’s Grieve CO2 Project Starts Production

Elk Petroleum Limited (ticker: ELK) has commenced production on its Grieve CO2 EOR Project. The company said it expects initial gross oil production of 1,100-1,200 BOPD. CEO Brad Lingo commented, “I’m exceedingly pleased to announce the start-up of oil production from the Grieve CO2 EOR project. Reaching this point has been the result of the commitment and dedication of the Elk team to deliver the project. We would also like to thank our JV partner Denbury for safely delivering a ‘’best in class’’ facility under the turnkey agreement and timeframe. We also couldn’t have asked for a better time to begin Grieve ramp up production as the oil price hits a three-year high.” The company’s independent petroleum engineers and reserve auditors for the Grieve Project, VSO Petroleum Consultants, Inc., projected that base 2P reserves gross production is expected to increase to approximately 2,100 BOPD by CYE 2018 and achieve a[Read More…]

Elk Petroleum Updates Aneth Field, Grieve Project

Elk Petroleum Updates Aneth Field, Grieve Project

Australia’s Elk Petroleum Limited (ticker: ELK) recently released its half-year results and guidance update. The company reported a 44% increase in share price to A$0.095 (March 2018) – this is up from A$0.066 (June 2017). The company reported production of 972,498 BOE, with 1P reserves of 47.5 MMBOE and 2P reserves of 84.2 MMBOE. Elk’s operations are all in the United States and the company now is an operator in Utah’s Aneth Field. So far, H1 FY2018 has been driven by the Grieve Project and the Aneth Field acquisition. Both are CO2 EOR projects. Elk said that the Grieve Project is “substantially complete,” and that facility testing/commissioning has begun. The company has completed the Aneth acquisition from Resolute Energy (ticker: REN) and is now a field operator. The company described its transformation from a junior non-operator to a full-fledged operating company with CO2 EOR capability. The first Grieve oil production[Read More…]

Evolution Petroleum Increases Common Stock Dividend; FY2018 2Q Net Income Buoyed by Tax Cut Act

Evolution Petroleum Increases Common Stock Dividend; FY2018 2Q Net Income Buoyed by Tax Cut Act

On February 7, 2018 Evolution Petroleum (ticker: EPM) announced that its board of directors declared a quarterly cash dividend to common shareholders of $0.10 per share, an increase of 33% over the previous rate of $0.075 per share. The quarterly dividend will be paid on March 29, 2018 to shareholders of record on March 15, 2018. Evolution Petroleum also reported financial and operating highlights for its fiscal second quarter ended December 31, 2017, with comparisons to the fiscal first quarter ended September 30, 2017 (the “prior quarter”) and the quarter ended December 31, 2016 (the “year-ago quarter”). Highlights for fiscal second quarter In the company’s fiscal second quarter, the company reported revenues of $11.1 million, which is an increase of 30% over both the prior and year-ago quarter. From the $11.1 million in revenue, the company reported a net income of $9.9 million for the quarter, or $0.30 per common[Read More…]

February 9, 2018 - 4:32 pm Closing Bell Story, Oil and Gas 360 Articles
Evolution Petroleum Corporation Presenting at EnerCom Dallas Feb. 21-22, 2018

Evolution Petroleum Corporation Presenting at EnerCom Dallas Feb. 21-22, 2018

Evolution Petroleum Corporation (ticker: EPM), with headquarters in Houston, Texas is in the business of development and production of natural gas and oil reserves concentrated in the Delhi Field in Louisiana. One of the key principal assets for Evolution Petroleum include interests in a CO2-EOR project in the Delhi Field. EPM sources CO2 for its EOR operations from Jackson Dome in Mississippi. Evolution Petroleum recently announced the results for the fiscal 2018 first quarter ended September 30, 2017. Production Gross production at Delhi averaged 7,959 BOEPD during the quarter, a 7.0% decrease from the prior quarter and an increase of 7.9% from the year-ago quarter. Gross NGL sales for the quarter of production were 1,047 barrels per day, up slightly from the prior quarter. Results from the NGL plant after completion of this project have been positive, with the plant operating at or near maximum capacity and efficiency. Production costs[Read More…]

January 12, 2018 - 5:08 pm Closing Bell Story, Crude Oil News, EnerCom Dallas 2018
Chaparral Energy Closes EOR Sale for $170 Million

Chaparral Energy Closes EOR Sale for $170 Million

Chaparral Energy, Inc. (ticker: CHPE) closed the sale of its North Burbank and Texas Panhandle enhanced oil recovery (EOR) assets. The properties sold to Perdure Petroleum LLC represented approximately 5,700 BOEPD of the company’s 24,500 BOEPD of total production. “We are pleased to announce that the close of this sale effectively completes Chaparral’s transition to a pure-play STACK operator,” said Chaparral CEO Earl Reynolds. “Our transition away from EOR operations will allow us to focus our capital and operational activity almost exclusively on accelerating the development of our more than 3,500 STACK drilling locations across our 110,000 net acre position in Kingfisher, Garfield and Canadian counties.” Proceeds from the sale are going towards repaying the outstanding $149.2 million balance on the company’s term loan and will also repay a portion of the company’s credit facility. Chaparral said that focus remains on maintaining a strong balance sheet by spending within cash[Read More…]

The Crucial Importance of Water Handling in Oilfield Operations – An Oil & Gas 360® Special Report

The Crucial Importance of Water Handling in Oilfield Operations – An Oil & Gas 360® Special Report

Water is not a traded commodity in the U.S., like iron ore, copper or coal, but it has become a critical factor to the companies that produce oil and gas from North America’s shale basins  One of the biggest environmental and oil and gas production cost factors in the ongoing development of the U.S.’s massive shale basins is how the industry handles water. “Water is a huge issue,” Whiting Petroleum’s SVP of Exploration & Development Mark Williams told Oil & Gas 360®. “It’s a major component in all of our plays and will likely increase in importance going forward.” In this special report, Oil & Gas 360® takes a detailed look at the topic of water and why operators need it, how they use it, handle it, treat it or dispose of it. Water is critical to production from the shale basins. In the major U.S. basins, water produced along[Read More…]

Exclusive Video Interview with Sinclair Group Energy Texas President Bob Thomae

Exclusive Video Interview with Sinclair Group Energy Texas President Bob Thomae

Sinclair Group Energy Texas: focused on 35 MMBO in South Texas sandstone—a contiguous structure with oilfields running side by side for hundreds of miles At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Sinclair Group Energy Texas President Bob Thomae. Sinclair Group Energy Texas has a unique appreciation for early Texas oil history–the company is focused on assets that were classified decades ago as depleted fields—a group of fields that encompass a contiguous sandstone formation that Thomae says has produced only 20%-30% of the oil in place. His company has acquired leases covering an estimated 35 MMBO remaining in place. Thomae said the company intends to use tertiary recovery method light oil air injection to produce the remaining oil, beginning with a 90 well program in 2018. View Sinclair Group Energy Texas’ 2017 EnerCom conference webcast presentation here. Download the[Read More…]

Granite Oil: Drilling Alberta Bakken, EOR to Shallow Declines

Granite Oil: Drilling Alberta Bakken, EOR to Shallow Declines

Granite Oil Corp. (ticker: GXO) has established its operational core in the Bakken siltstone play, located in southern Alberta. The company is focused on further developing the play’s enhanced oil recovery (EOR) operations and on building additional profile on the western portion of the play. In its Bakken play, Granite holds approximately 350,000 acres with 100% working interest. Granite currently has 45 producing horizontal wells, and an additional nine gas injection wells in the Bakken field. In the Q1 of 2017, the company produced an average of 3,009 BOEPD—96% of which was oil—and drilled three new wells. Granite itself owns 100% of the infrastructure and land. EOR in the Alberta Bakken Granite’s EOR operations have taken the form of natural gas injection, with the hope of producing additional incremental oil and ultimately improving the recovery within the field. The company claims that its EOR method has been tested and optimized[Read More…]

Elk Petroleum to Acquire Freeport-McMoRan’s Wyoming Gas and CO2 Production Assets

Elk Petroleum to Acquire Freeport-McMoRan’s Wyoming Gas and CO2 Production Assets

Elk secures second largest CO2 supply source in Wyoming for CO2 EOR; profitable production of ~3,400 BOEPD (20 MMSCFD+)  Freeport-McMoRan has sold another group of oil and gas assets. Australia’s Elk Petroleum Ltd (ticker: ELK) has entered into a purchase and sale agreement with subsidiaries of Freeport-McMoRan Inc. (ticker: FCX) to acquire all of FCX’s interest in the Madden Gas Field, the Madden Deep Unit Gas Field and the Lost Cabin Gas Plant in Wyoming. The deal is valued at US$20 million, which the company said it expects to fund principally through debt financing. The Madden Gas Field and the Lost Cabin Gas Plant are located in Natrona and Freemont counties, Wyoming, 60 miles from Elk’s Grieve CO2 enhanced oil recovery project. Elk will acquire an approximate 14% non-operating working interest in the Madden Gas Field and the Lost Cabin Gas Plant and associated gas gathering pipeline systems. The EIA ranks[Read More…]

Mid-Con Energy Partners – Day One Breakout Notes

Mid-Con Energy Partners – Day One Breakout Notes

Mid-Con Energy Partners presents at EnerCom’s The Oil & Gas Conference®  During Mid-Con Energy Partners’ breakout session, management was asked the following questions:  How do you balance debt reduction with your distribution on common units?  Is there some sort of formula to structure wells based on LOE?  What is your overall company decline rate? What are you seeing with regard to acquisitions? If you see an opportunity like the recent bolt-on, would you pursue it? Is this recent acquisition under active flood? Are you guys looking for tertiary recovery technologies? Who is the best person in the company to approach about tertiary recovery? Back to the acquisition market, the eastern shelf are mainly small guys – are they in the mood to sell in this market? Can you talk about how the deals you guys are seeing look from an evaluation perspective relative to production? Do you think that your[Read More…]

August 15, 2016 - 11:17 am Closing Bell Story, MLPs, Oil and Gas 360 Articles, TOGC21
Nighthawk Energy Proposes Pilot Waterflood Project

Nighthawk Energy Proposes Pilot Waterflood Project

Amendment to Arikaree Water Flood Enhanced Oil Recovery Project in Eastern Colorado In an effort to expedite its previously approved larger waterflood project for its Arikaree field asset in eastern Colorado, Nighthawk Energy (ticker: HAWK / NHEGY) filed an amendment to the original filing on Friday April 29, reducing the size of the initial water flood area (known as the pilot). Nighthawk, in a press release issued May 4, 2016, said that as the pilot achieves expected results, the remaining acreage from the original water flood proposal could be developed fully. Water Flood Pilot vs. Original Project Comparisons Nighthawk estimates the total Oil in Place in the entire field potentially may be up to 16.6 million barrels.  The estimated ultimate recovery (EUR) under the water flood project is projected to be between 30%-40%.  The Nighthawk-provided table provides comparison of the estimated recovery for the original water flood project and the new[Read More…]

Call for Whitepapers

Call for Whitepapers

Highlighting Technologies for Finding Resources, Improving Drilling and Extraction, Storage and Transportation of Oil & Natural Gas EnerCom Inc. is seeking geoscientists, petroleum engineers, drilling and completions engineers, technology developers and others who would like to submit a technical whitepaper that highlights new technologies designed to increase success in the finding, drilling and extraction, storage and transportation of oil and natural gas. Examples might include improvements in seismic or other tools for reservoir exploration and definition, technologies for reservoir imaging and analysis, proppants, completion technologies, directional drilling, safety and environmental improvements, pipeline and energy transportation technologies, EOR, emissions monitoring, notification and capture, and other technologies designed to enhance the safe and efficient development, transportation and storage of oil and gas resources. All submissions will be considered. EnerCom will select submissions to post on Oil & Gas 360®. Please send your technical whitepaper, along with your resume, to Bevo Beaven, Editor, Oil & Gas 360® at [email protected]  For the subject[Read More…]

Enhanced Oil Recovery: Transworld Technologies Paves the Way for 25%-50% Waterflood Production Uplift

Enhanced Oil Recovery: Transworld Technologies Paves the Way for 25%-50% Waterflood Production Uplift

Scientific Presentation by Roland P. DeBruyn at the 2016 Pan American Mature Fields Congress: Feb. 17-18, Veracruz, Mexico Oil and gas operators have used waterfloods for decades to improve recovery of remaining oil from older reservoirs once they have produced past their primary recovery phase. Over time, waterfloods become less efficient because the flood follows the path of least resistance, forming flow channels that leave large areas of the reservoir unswept and remaining oil in place. Getting to the Unswept Oil: How BioEnhanced Petroleum Recovery (BioEOR) Boosts the Performance of Mature Waterfloods Transworld Technologies Inc. (TTI-TransworldTechInc.com) Vice President of Engineering and Implementation, Roland DeBruyn, has been accepted to the 2016 Pan American Mature Fields Congress to present TTI’s biogenesis technology and how it improves flood performance and oil production in mature oilfields on waterflood. Transworld approached the idea of improving the performance of legacy waterfloods by advancing the scientific understanding[Read More…]

Source: Iraqenergy.org

UAE Wants to Increase Production by 30% in 5 Years

The UAE is looking to use enhanced oil recovery to increase production moving forward The United Arab Emirates (UAE) is looking to enhanced oil recovery (EOR) to push its production higher as the chances of finding new reserves decrease. OPEC’s second-largest producer of petroleum and other liquids, and the world’s sixth-largest oil producer, hopes to expand production by 30% by 2020 through the use of EOR, according to the Energy Information Administration (EIA). The Upper Zakum oilfield – the second-largest offshore oilfield and fourth-largest oilfield in the world, according to the EIA – is one of the primary targets of the UAE’s EOR program. The Upper Zakum currently produces about 590 MBOPD, but the Zakum Development Company signed an $800 million engineering, procurement and construction contract to Abu Dhabi’s National Petroleum Construction Company in July 2012 with the goal of increasing production by 27% to 750 MBOPD in 2016. The[Read More…]

Enhanced Oil Recovery Can Reduce World’s Carbon Emissions:  Western Governors

Enhanced Oil Recovery Can Reduce World’s Carbon Emissions: Western Governors

For every 2.5 barrels of oil produced, it is estimated that a typical commercial enhanced oil recovery (EOR) project can safely prevent one metric ton of CO2 from entering the atmosphere As of 2014, approximately 13.6 million metric tons of CO2 was captured that would otherwise be released into the atmosphere has been sequestered as a result of EOR: U.S. Department of Energy – Quadrennial Energy Review The Western Governors’ Association (WGA), representing the governors of 19 Western states and three U.S.-flag islands, has issued new policy resolutions from its annual meeting this week in Incline Village, Nevada.   On the energy policy side, CO2 EOR grabbed their focus. In order to free up additional crude oil that is trapped in rock formations, the WGA cited statistics showing that using CO2 “flooding” can result in recovery of about twenty percent of the original oil in place, and as of 2013 the process produced[Read More…]

DeeThree Exploration Ltd. Announces Significant EOR Supported Alberta Bakken Well Test

DeeThree Exploration Ltd. Announces Significant EOR Supported Alberta Bakken Well Test

CALGARY, ALBERTA–(Marketwired – April 1, 2015) – DEETHREE EXPLORATION LTD. (“DeeThree” or the “Company“) (TSX:DTX)(OTCQX:DTHRF) is pleased to announce results from its latest Alberta Bakken horizontal well 11-20-3-16 W4M. This is the first well designed specifically to optimize the Company’s ongoing gas re-injection Enhanced Oil Recovery (“EOR”) scheme. The 2,000 meter horizontal lateral well was drilled in the base of the Alberta Bakken zone within the core EOR scheme area and near where the Company has been re-injecting produced Bakken gas with a high CO2 content since July, 2013. At the end of a five day production test, the well continued to flow at approximately 1,000 bbls/d of 30° API oil and 500 mscf/d of natural gas at a flowing wellhead pressure of 300 psi. The significant rate and, more specifically, the low gas to oil ratio (“GOR”) of the production further demonstrates the efficiency and effectiveness of DeeThree’s gas[Read More…]

April 1, 2015 - 4:13 pm Canada, Exploration and Production (E&P)