Hunting 1000 Barrel a Day Oil Wells on the Cheap

New Company is hunting big oil fields in ancient volcanoes using magnetic, gravity and geochemical surveys.

Kingwood, TX (PRWEB) September 22, 2007 -- Wells with an initial potential in excess of 1000 barrels a day are still being drilled and they are neither all deep nor offshore. A number of horizontal wells are drilled every year with potentials in excess of 1000 barrels a day. A Texas company is looking for 1000 barrel a day wells the old fashion way, by drilling plain old vertical wells.

The newly established Hidalgo Exploration and Production Co., Inc is a small Texas based private company based in the homes of its owners seeking to find and produce "small elephants". The term the company's owners use for shallow prolific oil wells.

The company's primary area of exploration is in central Texas, near the booming suburban areas to the north of Austin. It seeks to find offsetting fields near wells drilled in the early 1920's that initially produce as much as 5,000 barrels per day. The Thrall Field was discovered by accident by a farmer drilling for water .It is estimated the Thrall Field produce over 3,000,000 barrels of oil and if it had been properly managed could have produced over 7,000,000 barrels from a depth of less than 1000 feet.

After oil was discovered and produced a study was initiated by the University of Texas. They concluded the oil field was located in an ancient volcano, they named a serpentine plug. These plugs or mounds trend along a fault called the Balcones Fault. The Balcones Fault could be called Texas's ancient "Ring of Fire".

These ancient volcano's have left a tell tail sign. The sign is a deposit of magnetite deposited when the volcano erupted. It's simply a magnetized metals came from deep in the earths crust. Hidalgo maps these magnetite deposits and uses the information to find good places to drill the extremely shallow test wells.

To manage costs, the company's owners run its own surveys that include gravity, which looks for dense minerals associated with volcanic activity, magnetics, which looks for magnetite and Soil Geo Chemical which looks for concentrations of hydrocarbons. The company has ruled out seismic surveys due to the cheap costs of drilling shallow wells.

"We believe we have at least 3 virgin plugs without any wells drilled on them that could be prolific", states Dean Philpot, Hidalgo's president. These wells can be drilled for less than the cost of a seismic survey.

Contact:
Dean Philpot
Hidalgo Exploration & Production Co., Inc 2806 Elm Grove Ct., Kingwood, TX 77339
www.bigoilfields.com
713-208-4196

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