(100% Working Interest, approx 81% net revenue interest)
Incremental acquired leases in the Silvertip oil and gas field situated in the Bighorn Basin, Wyoming, in June 2015. The leases cover an area of approximately 4,700 acres. 94% of the leases are held by production.
The Silvertip Field is located in the north of Wyoming near the town of Powell, close to the Montana border. The Bighorn Basin has been a significant source of hydrocarbons since the early 20th Century.he Silvertip Field was discovered in 1948. 3D Seismic covering 15 square miles including the majority of the active parts of the Silvertip Field leases is available for future development purposes.
At the time of acquisition, there were 105 wells in the Field, 2 of which were water injection wells. The Field has more than 6 different producing reservoirs and several source rocks within the column from as shallow as 1,500 feet down to 9,000 feet below surface. The shallower reservoirs are predominantly gas while the deeper zones are mainly oil bearing.
Silvertip formations and productive reservoirs
The Silvertip Field is a conventional oil and gas play within a north-south trending anticline. This thrust fault acts as trapping mechanisms which sets up the field. The multi stacked reservoirs in the Silvertip Field provide opportunities to access untapped oil and gas that is currently behind pipe in existing well bores. If successful, this method of extraction is highly profitable as the capital cost to produce the additional oil or gas is minimal compared to a new well cost. Most of the existing wells have been drilled in the last 10 years and are in excellent condition.