Incremental Oil and Gas owns and operates three fields which are all in production. Incremental has a 100% working interest (WI) in, and is the operator of, all of these fields. It has participated in an exploration drilling opportunity with a 10% working interest which has an ongoing right to participate in.
The Company acquired the Silvertip Oil and Gas Field in the Bighorn Basin, Wyoming, in June 2015. This field is located 90 miles south of Billings near the town of Powell. The Bighorn Basin lies to the west of the larger Powder River Basin. Oil was discovered in the the Bighorn Basin during the late 1800’s and more than 50 oil and gas fields have since been discovered. The Silvertip Field was discovered in 1948.
The Silvertip Field produces a mixture of gas and oil. Proven hydrocarbons are present in six reservoirs ranging in depth from 450m (1500 ft) to 2750m (9000 ft). Many of the wells have been drilled in the last 10 years and surface facilities in the field are modern. The hydrocarbons are trapped with a fault bound anticlinal structure.
IOG has two active projects in California:
These were the first two projects that were acquired by Incremental. IOG has a 100% Working Interest in the California fields. Both oilfields are located with the prolific San Joaquin Basin near the town of Bakersfield.
Sheep Springs was acquired as a producing oilfield in 2010 and two new wells were drilled since it was purchased.
The Round Mountain Oilfield was leased in 2011. Between 2011 and 2012 IOG has drilled 8 new wells in the field and discovered new oil reserves.
The Company acquired the Florence Oilfield, Colorado in May 2012. Two new wells were drilled in the winter of 2012/13 by IOG in the Pierre Shale Formation.
Florence is the oldest continuous producing oilfield in America. There are 21 producing wells in the field.
The Florence Oilfield was sold in April 2017. IOG retains an override interest in any future production that comes from the Niobrara Formation in this field.
The location of the Wyoming and California fields are shown on the maps below.