Brian Gilroy on East Lake Verret Kafoury Prospect
East Lake Verret Kafoury Prospect
OilBoomUSA is proud to announce its next prospect, the East Lake Verret Kafoury Prospect in Assumption Parish, Louisiana with our partners GLS LLC and President Energy PLC. The East Lake Verret Field is located about 35 miles south of Baton Rouge, Louisiana in an area of outstanding hydrocarbon production. The field was discovered by the Humble Oil and Refining Co. (became Exxon) in 1952 and has produced 275 Billion Cubic Feet of Gas (BCFG) and nearly 4,500,000 barrels of oil (BO). The field is located on a major structural ridge oriented in a northwest-southeast direction upon which hydrocarbon production is established at Oakley, Northwest Oakley, East Lake Verret, Bayou St. Vincent and Grand Bayou Fields.
After decades of development in the area by the Major oil and gas companies, smaller independent companies started coming back to the area in the late 90’s looking for oil and gas that was left behind or could be better found using more current technologies. “Accurately processed 3D data is critical to success in the marsh lands of Southern Louisiana. We learned this while using the same type of process in another field called the West Delta Farms in Lafourche Parish. We participated in 3 wells in that field in 2006, 2008 and 2009 that have now generated a total of more than $100,000,000 in revenue from oil and gas sales to the 100% working interest.” says Brian Gilroy, oil and gas expert and co-founder at OilboomUSA.
The process initially started here in 1998 when Shell paid to shoot 3D seismic over the entire area. The field but not the data was then sold. One of the founders of GLS was able to obtain the 3D Data and a prospect was generated in 1999 with Hilliard Operating, the Hilliard – Simmons #2. This well was brought on line in 2000 and has already produced more than 700,000 BO. This well and field was then sold multiple times but the 3D data was never included. In early 2008, Meridian Petroleum (President Energy’s former name) paid nearly $10,000,000 for the Simmons #2 well and the East Lake Verret field. They then drilled 3 wells that were generated previously without the access to the 3D data. The results were 2 poor performing wells and 1 dry hole. Realizing this was not the result they were after they sought out GLS and formed a partnership because GLS had the 3D data. Once GLS compared the results of Meridian’s wells with the 3D data, they paid to have it reprocessed in 2012 and generated a new prospect, the Petroquest-Triche #1. It was completed in August of 2014 and had an initial flow rate of 520 BOPD and 2.1 MMCFGD. The well produced more than 145,000 BO and nearly a 1 BCFG in its first year.
Based on this recent success utilizing the 3D data, GLS and President Energy have generated an additional prospect in the same formation and field, The Kafoury Prospect. OilboomUSA has agreed to purchase 50% of the working interest in this prospect with plans to drill in 2016. “The access to the recently reprocessed 3D data and the ability to partner with GLS and President Energy is why we feel this is a great opportunity.” says Brian Gilroy.
Reserve estimates provided by GLS LLC for the Kafoury Prospect are 2,200,000 BO.