Greater Sooner Holding, Inc. (OTC:GSNH) today announced steps the Company is taking to locate and produce the estimated $285,000,000 in probable reserves in the Clayton Field project area in Live Oak County, Texas.
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The Company's workover program is designed to provide immediate income from oil production from which the Company can grow and generate the vital scientific data required for further development. This approach maximizes return while minimizing necessary costs.
The initial investment in the project area has been allocated towards repairing individual well and field infrastructure. Field upgrades include the repair of a gas pipeline, which will result in reallocated pressure across the field. Individual well remediation includes the use of a workover rig necessary to clean up old wells, run rods and tubing and place pumpjacks on wells for production. A coiled tubing rig can be used on some wells to remove buildup of harmful particulates within the well and around the perforations. This procedure will also inject acid to clean out existing perforations and remove particulates which may have formed near the producing interval.
The economic development of an oil and gas field requires a team of earth scientists coupled with the latest technology. With funding now in place, the Company can concentrate on the acquisition of information and technology to complete a three dimensional image of the subsurface assets.
The historical records of each well will be digitized and combined with the data captured during individual well workovers. This data will then be used to build a three dimensional well bore image of each well. Global positioning satellite technology will accurately locate and display the proper position of each well. The data file generated from historical data will merge with the three dimensional seismic data to create an image which will more clearly display the subsurface. |
