AUSTIN, Texas (PRWEB) May 21, 2021
The latest oil drilling project from Flowtex Energy LLC, code-named "Dogwood", has been very well received by investors already, and for very good reason: There's strong historical and scientific evidence that there is a tremendous volume of hydrocarbons in this location in East Texas.
Originally drilled in 1963, Dogwood was thought to be a failed project since the target at that time was a reservoir in the Wilcox formation. That reservoir proved to be unreachable, but the drilling project did make a very important discovery: Evidence of two additional large reservoirs at much shallower depths.
However, those two zones were not extracted because, according to Beau Flowers, President of Flowtex Energy LLC, the technology didn't exist to do so at the time.
"When Dogwood was drilled originally in 1963 - nearly 60 years ago - there were no industry best practices for performing reliable extractions at depths less than 6,000 feet. So even though the geologist reports from that time clearly show the presence of hydrocarbons in two large reservoirs, those reservoirs were left untapped."
A lot has changed since 1963, Flowers notes.
"In the intervening 6 decades, we've learned a tremendous amount about how to extract hydrocarbon zones at much shallower depths. In fact, that's precisely where Flowtex Energy focuses, with a large collection of successful wells attesting to our expertise in this area."
Flowers takes substantial confidence from the 1963 log readings and geological reports on up-hole potential for Dogwood. Maybe even more than that, however, he is confident because of the success of other wells in the area.
"In the last few years, hundreds of wells have been drilled in this region, and in the overwhelming majority of cases, wells with log readings that match Dogwood's profile have proven to be very productive. We anticipate the same for Dogwood."
Flowtex Energy LLC is a privately-held boutique oil and gas drilling firm that serves individual and institutional investors seeking to diversify into direct ownership of risk-mitigated oil and gas properties. Despite the COVID-19 pandemic and incredibly oil price volatility in 2020, 2020 was Flowtex' finest year and 2021 looks to be even stronger.