The Bridwell offset prospect is a 3D seismically defined 4-way upthrown closure in the Upper Wilcox section bounded on the south by an east-west trending fault. A key well on the northeast flank of the structure, the Bridwell Soileau #1 encountered pay in the Upper Wilcox A sand that is equivalent to the productive sand in Andrepont Field two miles directly south.
Andrepont field is a similar structure with 3 wells drilled and has cumulative production of 4.1 BCFG and 427,389 BO with 1 well still producing from the Upper Wilcox A. The Bridwell Soileau produced 52,775 BO from the Upper Wx A sand. The proposed non-pressured 12,500’ well is designed to test the Wilcox “A” sand on the prospective 255 acre closure and the potentially productive deeper Wx 7 on the 570ac closure. The deeper Wx sand produced in the Bridwell Fontenot #2, located 2 miles west southwest outside of the 3-D area.
Estimated reserves for the prospect are as follows:
|
TOTAL RESERVES
795,000 BO * $80/BBL = $63,600,000
5.7BCF *$3.50/MCFG = $19,950,000
$83.55M/$3.93MM Completed
= 21.259:1 ROI
|
TRADE TERMS
Prospect Fee: $150,000
Total Estimated Drill and Completion Costs: $3,930,000
Estimated Costs Pre-Drilling (Leasing, Land, Legal, and Title): $30,000.00
Estimated AFE Costs: $3,750,000
Turnkey DHC (AFE): $1,125,500
Total Completion Costs: $2,679,000
Lease add-on acreage:$45,000
AFE turnkey completion: $2,625,000
|
