The drilling will take place in a very successful field with a cumulative production of over 2.4 million barrels of oil and 1.54 billion cubic feet of gas.
Houston, TX (PRWEB) August 11, 2015
U.S. Emerald Energy Company, LP, a Houston based oil and gas exploration and development company, is offering its second well of 2015, called the Urban Joint Venture. The project has a maximum potential of 450,000 barrels of oil and 4.4 billion cubic feet of natural gas, with a total measured depth of 5,200 feet. It will have five target formations, including three proven undeveloped reserve (PUDs) formations.
The drilling will take place in a very successful field with a cumulative production of over 2.4 million barrels of oil and 1.54 billion cubic feet of gas. The company feels confident in the potential success of this planned venture based on “bright spots” and 3D amplitude anomalies captured by 3D seismic technology (which was acquired in 2007), and tie directly to log results from offset wells on the drilling site.
Comparative Production Results from Surrounding Production Wells and Estimated Flow Rates
There are many other producing wells in the surrounding acreage that have a cumulative production to date of 494,000 barrels of oil and 60 thousand cubic feet (Mcf) of natural gas. The estimated flow rates for the planned project is up to 200 barrels of oil per day, with 500,000 cubic feet of gas per day based on comparable data for nearby production wells.
Planned Drilling and Prospective Costs and Potential
U.S. Emerald Energy Company, LP is scheduled to drill on the target development site in late summer or early fall 2015. Prospective costs include a 30 percent drilling cost discount, applied toward the working interest for each position. The economic forecasts of this venture are geared on $50 oil; yet still calculate a potentially substantial return. As oil prices rise in the future, this amount per barrel is expected to increase accordingly.
Investors interested in an oil and gas development project to add to their portfolio would be ideal candidates for the Urban Joint Venture project. The project offers the potential for monthly income for many years and has great tax benefits, based on current federal tax laws. Costs are 100 percent tax deductible, with 80 percent of any initial costs deductible in 2015. In addition, 15 percent of income derived from the well is tax-free.
About U.S. Emerald Energy Company, LP
U.S. Emerald Energy Company, LP, a Houston, Texas based exploration and development company has been in the business of helping individuals participate in oil and gas ventures since 1992. Over the past 23 years, the company has developed an expertise in working with PUDs and reducing risks through the use of the latest technologies. The company is committed to drilling safer development wells and a West Point graduate leads its management team. U.S. Emerald Energy Company can be contacted for additional information at (800) 783-9059, emailed at email@example.com or via the web at http://www.usemeraldenergy.com/.